Maria Gleta Power Project – Benin, West Africa – Walters Power International has entered into a joint venture with an experienced London/Nigerian based power development company, Genesis Energy, Inc. for the development of a number of projects. This joint venture is called Walters Power Africa. WPI began its work with Genesis in 2013. The first project involving both WPI and WPA is a 29MW, GE TM2500 installation in Cotonou, Benin. WPI has been involved in every aspect of this project, equipment sourcing, design, fuel agreements, equity raise, senior debt financing, modeling, O&M negotiation, EPCM negotiation, Power Purchase Agreement and Concession Agreement and Government Guarantee negotiations.
WPI has a development fee and ownership position in the project, estimated to cost approximately $34M. All project documents and approvals are complete, and this project is expected to start construction in 2018. (top photo is from a Cairo meeting in June, 2018 with WPI partner and CEO of Genesis, Akinwole Omoboriowo (left) and Dr. Benedict Okey Oramah, the President and Chairman of the Board of AFREXIM concerning senior financing for Maria Gleta Project. Bottom is David Walters with the Minister of Energy touring the Maria Gleta site in 2016.)