2nd Dec 2019 14:48
(Alliance News) - Dekel Agri-Vision PLC, a west Africa focused agriculture company, on Monday said it has signed a joint venture agreement with European renewable energy company Green Enesys Holdings Ltd to seek to develop a hybrid power project in Ayenouan, Cote d'Ivoire.
The development of the power project is expected to reduce costs at Dekel's palm oil operation at Ayenouan and also will help to scale up and diversify its revenue and asset base.
The power project is envisaged to comprise a 30 megawatt solar photovoltaic plant and a 5 to 6 megawatt biomass plant using feedstock from Dekel's Ayenouan project, specifically empty palm fruit bunches from the mill.
Under the equally owned venture, special purpose vehicles will be established through which the required rights, permits and contracts will be obtained for the construction, connection and operation of the power plant, Dekel said.
Dekel Executive Director Lincoln Moore said: "The JV with GEG is in line with our strategy to build Dekel into a leading agro-industrial company focused on west Africa with a portfolio of projects generating diversified revenue streams."
Dekel Agri-Vision shares in London were up 4.1% at 2.55 pence each on Monday afternoon.
By Tapan Panchal; [email protected]
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