A landmark peace agreement between the Democratic Republic of Congo (DRC) and Rwanda may pave the way for a $700 million energy investment by U.S.-based Symbion Power LLC, Bloomberg reports.
The New York energy company plans to construct a 140-megawatt gas-to-power plant and transmission lines on the Congolese side of Lake Kivu.
The facility would harness methane from the lake, in line with a bilateral economic integration pact signed by both nations.
Symbion previously pursued a smaller Lake Kivu plant, but persistent conflict—particularly in areas held by Rwanda-backed M23 rebels—halted development.
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However, much of eastern Congo, including Goma, North Kivu, and Ituri, remains under rebel control.
The CEO, Paul Hinks told Bloomberg that the project’s viability hinges on security improvements and the M23’s withdrawal.
Progress toward peace accelerated after Congo and the rebels signed a “declaration of principles” on July 19, though a full pullback has yet to occur. The gas-to-power plant, once started, would take around 30 months to complete.
Beyond Lake Kivu, Symbion is advancing a $1.5 billion Hydro-Link project to run a power line from Angola to the DRC’s mining belt, and several small hydropower projects through its MyHydro subsidiary. The firm has developed similar gas plants in Rwanda, sold in 2019.
Symbion intends to seek financing from the U.S. International Development Finance Corporation and the Export-Import Bank of the United States for both the Lake Kivu and Angola projects.
The DRC’s hydrocarbons and energy ministries are however yet to comment, as a result of a recent cabinet reshuffle.
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IMage Credit: Arab News
