Savannah Energy PLC announced the signing of a Memorandum of Agreement ("MOA") by Savannah Energy RCM Limited, a wholly owned subsidiary of Savannah, with the Government of the Republic of Cameroon (the " Government") for the development of the Bini a Warak Hydroelectric Project (the "Bini Project") located in the northern Adamawa Region of Cameroon. The 75 megawatts ("MW") Bini Project is expected to provide clean, stable and affordable power to Cameroon's northern region. This is anticipated to support both existing local electricity demand and enable a number of energy-intensive industrial projects, principally in the cement and metallurgy industries, within the region.

The Bini Project is expected to increase current on-grid electricity generation capacity in northern Cameroon by over 50%. There is also the potential for power to be dispatched into Cameroon's southern electricity grid, upon completion of the interconnection, financed by the World Bank, of the northern and southern electricity networks currently planned by the Government for 2026. The Bini Project involves the construction of a dam on the Bini River, together with an 82km2 reservoir and associated tunnels, powerhouses, substations and a 225 Kilovolt transmission line connecting the Bini Project to Cameroon's northern electricity grid.

It is intended to be developed on an independent power project basis with project sanction expected in 2024 and first power targeted in the 2027 to 2028 window. Under the terms of the MOA, Savannah plans to supplement existing feasibility studies and work with power industry authorities and development finance institutions to finalise the development, financing and resumption of construction of the Bini Project. Savannah expects to fund the Bini Project from a combination of its own internally generated cashflows and project-specific debt.