Vergnet informs that the persistent consequences resulting
to the military coup that occurred in Niger on July 26, 2023
led to the termination of the Agadez power plant contract
Ormes, 10/11/2023
The Vergnet Group informs that following the coup d’état that occurred on July 26, 2023 in Niger, the company implemented the contractual provisions authorizing the termination of the Agadez power plant contract in the required forms and deadlines. . This contract, financed by the European Union and the French Development Agency, was aimed at the construction of the hybrid solar/diesel power plant in Agadez.
The situation no longer made it possible to continue the execution of the project from both a security and financial point of view, to the extent that, within the framework of the sanctions imposed against Niger, the financing of the project by AFD was been suspended indefinitely.
At this stage, this outcome allows the company to optimize its working capital in the short term.
The VERGNET Group confirms that it intends to continue to develop its activities in Africa, a continent whose aspirations for energy independence represent promising potential.
Vincent de Mauny, Managing Director of the group, adds “Our desire to offer sustainable energy solutions in Africa is unchanged and our ambition is strong thanks in particular to the partnership we have signed with the Wendit Group, but we must be very demanding on security aspects »
About Vergnet SA
The Vergnet Group, “virtuous creator of energy independence since 1989”, has never stopped since its inception to enable its customers to control their energy production, despite difficult and even extreme geographical and climatic conditions.
Expert in the production of renewable energies (wind, solar, hybrid) on non-interconnected networks and with unique technologies, the Group has developed the Hybrid Wizard, a hybrid system controlling in real time the share of renewable energies injected into the electrical network by guaranteeing safety and operating security for island or isolated networks.
The Group has already installed 1,000 wind turbines and 402 MW of all energies combined. It is present in more than 50 countries and brings together 200 employees in 11 locations.
Vergnet has been listed on Euronext Growth since June 12, 2007.
CONTACT
Vergnet Group
Vincent de Mauny
General manager
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