A joint venture by China Gezhouba Group Corporation (CGGC), BOREAL INVESTMENTS LIMITED and CGGC&NIARA-HOLDING,LDA signed a contract on Caculo Cabaça Hydropower Project in Angola with Angolan Ministry of Water Resources. The project, with construction period of 80 months, has a contract value of 4.532 billion dollars, which is equivalent to 28.144 billion yuan(RMB).
The works of the project include construction of diversion tunnel and civil works of main work, supply, and installation, commissioning ＆testing of Hydro-mechanical and Electromechanical Works and the total installed capacity of the project is 2171MW.
CGGC shares 60%, BOREAL INVESTMENTS LIMITED 37.5%, and CGGC&NIARA-HOLDING, LDA (a joint venture by CGGC and NIARA) 2.5% in the joint venture. A loan application to Chinese relative banks is necessary for Angola to get financing after the contract signing.