The Project Director of the Mount Coffee Project Implementation Unit (PIU), Randal Enns, has put the cost of rehabilitating the damaged power plant at US$220 million.
Mr. Enns said the project is being funded by the Governments of Norway and Liberia as well as the European Investment Bank and the KFW Development Bank of Germany.
He said the Government of Liberia is providing 20 percent of the required US$220 million, while the Government of Norway is providing about 23 percent.
According to Mr. Enns, the European Investment Bank is providing a loan of 31percent and the KFW 16 percent of the total cost.
He told the Liberia News Agency in an exclusive interview Tuesday that all funding agreements for the project were concluded and signed in September last year, noting that the project is fully funded.
Enns said the Liberian government started funding the project with US$10M in last year’s fiscal budget before the funding agreements were concluded, and that additional funding under the current budget will make a combined contribution of US$40 million.
According to him, construction work on the plant has already started in terms of site preparation, while a consignment of heavy equipment is already in the country for the construction of the dam.
Enns disclosed that the first power generation is expected to be out in 2015, while the entire project will be completed in 2016.
The Mount Coffee Project Implementation Unit was established in May 2012 to rehabilitate the hydropower plant that was damaged in 1992 during the civil conflict.