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The €1.26bn, 420MW Nachtigal hydroelectric project reached financial close on 24 December. Financing agreements were signed on 8 November and the owners spent the remainder of 2018 establishing and capitalising the project company, bringing in two new owners: the development funds Africa50 and Stoa Infra & Energie Ltd. First disbursement of funds is expected on 22 January, with notice to proceed with construction expected soon after. The plant is expected to generate 2.9TWh/yr electricity when it starts operating in 2023.