Chinese consortium signs $4.5 billion power plant deal in Angola

A Chinese consortium has signed a contract worth $4.5 billion to build a hydro power plant in Luanda, the capital of Angola.

The companies involved are China Gezhouba Group Corporation, Boreal Investment Limited and CGGC&NIARA Holding, LDA, according to a statement released by CGGC on Tuesday.

CGGC has a 60 percent stake in the consortium with Boreal Investment Limited the second largest share holder. The project will take more than six years to complete and will generate 2,171 megawatts.

In 2013, CGGC won a contract with the Department of Energy of Angola to expand the Lua Sim hydropower plant.