Matelec expands in Africa

Lebanese power generation company Matelec to build $135 million-power plant in Senegal

Matelec Group, Lebanese electrical engineering and contracting company, announced that it has signed a contract with the government of Senegal for the construction of an 80 Megawatt power plant.

Matelec said that the plant will cost $135 million. It said that the African Development Bank and the West African Development Bank will fund 75 percent of the project. Matelec will finance the remaining 25 percent.
Matelec said that it will be an independent power producer operating the facility under a Build-Own-Operate (BOO) agreement.

It added that the timeline for the project's completion ranges between 18 and 24 months.

The project constitutes Matelec's second power plant in Senegal. The company already operates a 67.5 Megawatt plant in the Dakar region since 2008 under a BOO agreement.

According to the company figures, Matelec Group employs more than 1,000 people in the Middle East, Africa, and Europe.

The group’s majority shareholder is Doumet Electrical Holdings, a diversified industrial and services group.
In 2010, Matelec Group’s turnout amounted to $232 million. Its profits were around $12 million.