The Chinese and Spanish developers handling the construction of the Inga III, the biggest hydropower plant in the Democratic Republic of Congo, have consented to form a single consortium.

The $14 billion Inga III is part of the long-delayed Grand Inga that is estimated to generate about 40,000 megawatts of power from the Congo River. The dam will generate 11,050 megawatts mainly for South Africa, other African countries and Congo’s copper and cobalt miners.

In 2018, the erstwhile president of the Democratic Republic of Congo, Joseph Kabila Kabange appointed two competing Chinese and Spanish groups for the project as co-developers, but His Excellency, Félix Antoine Tshisekedi Tshilombo, is yet to approve their proposal.

It is still unknown if the firms will be given exclusive rights to finance the technical, environmental and social studies and in the long run, attract lenders. Earlier this year, without stating a reason, Spanish construction and engineering firm and one of the top ten largest construction firms in the world, ACS Actividades withdrew from the project.

The signed agreement harmonises the developers together into a consortium. This comprises of six Chinese companies that will be holding 75% of the shares and AEE Power Holdings Sarl of Spain that will be holding 25%.

Bruno Kapandji, Head of Congo’s Agency for the Development and Promotion of the Grand Inga project (ADPI), said “A crucial step has been taken toward the start of Inga III. Activities to launch Inga III as soon as possible are being carried out with efficiency and determination, despite the consequences of Covid-19. Inga III is becoming a reality.”

In the same e-mail to Bloomberg, he said the country “remains open to receiving other developers that have the required capacity and proven experience with similar projects.”

The President of DRC had earlier stater that he prefers to commence the construction of a smaller version of the project with a capacity of 4,800 MW that will be expanded at a later time. This was supported by the President of the African Development Bank (AfDB), Akinwumi Adesina but opposed by the Chinese and Spanish groups who believe the President’s proposal isn’t economically viable.

According to the Inga agency’s spokesman, Patrick Kabuya, the division of shares is “only valid in terms of the decision-making process between the two, it’s purely from an operational point of view.”