Firms CPCS, KPMG Central Africa, and the Grant Thornton Conseil-BBI Advisory & Audit alliance have been invited to compete in the restricted financial consultation on the regulator's 2026 budget. The mission assigned to the future awardee will consist of dissecting the financial modeling of Nachtigal Hydro Power Company, the operating company of the 420 MW hydroelectric power plant commissioned in May 2025.

The investigation aims to rigorously examine cash flows, capital costs, debt levels, and investor return parameters. The regulatory challenge is to verify the conformity of economic assumptions with the concession agreement and to measure the impact of production costs on the capacity tariff paid by Socadel and Sonatrel, in a market that has injected over 3 TWh by the end of May 2026. The total project cost, estimated at 1.2 billion euros (approximately 800 billion FCFA), is based on a financing structure combining 24% equity contributed by shareholders, including Electricité de France (40%), the International Finance Corporation (20%), the State of Cameroon (15%), Africa50 (15%), and STOA (10%), and 76% bank debt.

The audit initiative is being implemented in parallel with a second procedure launched by the regulator on June 30, 2026, which will last 24 months and is dedicated to the technical and accounting verification of construction expenses for the dam. While the state's unpaid debts to the project company were weighing on the sector's treasury during the ministerial evaluations of March 18, 2026, the re-examination of inflation parameters, exchange rates, and interest rates should protect households and businesses from any unjustified increase in the electricity tariff grid.


Bernardo

Tags: barrage de nachtigal arsel audit financier nachtigal hydro power energie hydroelectrique cameroun regulation energetique financement de projet gestion de trésorerie