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POWERGRID signs cooperation agreement with Africa50

POWERGRID has signed an agreement with Africa50 for the development of transmission infrastructure in Kenya on PPP model

New Delhi: Powergrid Corporation of India Limited (PGCIL), a Maharatna PSU under the Ministry of Power, has signed a cooperation agreement with Africa50, an infrastructure investment platform, at Casablanca (Morroco) on Saturday.

The agreement was signed by POWERGRID's Chairman and Managing Director (CMD) K Sreekant and Africa50's Chief Executive Officer (CEO) Alain Ebobisse in the presence of senior officials of both the organisations. The agreement signed between the two organisations aims to develop transmission infrastructure in Kenya on a public-private partnership model (PPP model) through a Joint Venture (JV) in which POWERGRID shall have equity stakes.

The agreement signed between POWERGRID and Africa50 aims the development of transmission infrastructure in Kenya on public-private partnership model (PPP model) through a Joint Venture (JV) in which POWERGRID shall have equity stakes

POWERGRID

POWERGRID is a state-owned electric utility company headquartered in Gurugram. The company transmits about 50 percent of the total power generated in India through transmission network. Its former subsidiary company Power System Operation Corporation Limited (POSOCO) handles power management for the national grid and all state transmission utilities.

Africa50

Africa50 is an infrastructure investment platform that contributes to Africa's growth. It was conceived after a 2012 declaration by African heads of state as part of the 'Programme for Infrastructure Development in Africa' (PIDA) that called for innovative solutions to facilitate infrastructure delivery. Africa50 was ratified by African Finance Ministers in May 2013, and its headquarters were launched in Casablanca, Morocco, in September 2014. Its constitutive general assembly of founding shareholders took place in July 2015 in Casablanca, with around $700 million in initial capital subscriptions from 20 African states and the AfDB. Around 90 percent of the financial pledges were earmarked for project financing and the remainder for project development.