MALABO, Dec. 1 (Xinhua) -- The economy of Equatorial Guinea will be "significantly" boosted following the completion of the Chinese-built regulating reservoir of the Djibloho Hydropower Plant, President Teodoro Obiang Nguema Mbasogo said Saturday.
The project was completed at a time when Equatorial Guinea aims to enhance development through the provision of clean energy for all, especially in rural areas, Obiang said during the regulating reservoir's completion ceremony, adding that the project has brought more jobs to locals.
The regulating reservoir will bring peace and development to the country, which aims to make energy for all a reality, according to the president.
With a 120-MW capacity, the Djibloho Hydropower Plant is the largest of its kind in the country, and is able to satisfy about 90 percent of the electricity need of Equatorial Guinea's continental part since 2011, said Liu Bao, a senior executive of the Chinese company Power China that has built the Djibloho plant and the regulating reservoir with financing from the Export-Import Bank of China.
Inconsistent rainfall, however, adversely affected the constant supply of power. During dry seasons, the electricity production usually depends on polluting diesel fuel, hence the necessity of a regulating reservoir, Liu said.
During Saturday's ceremony, Liu and one of his colleagues were decorated by President Obiang for their contribution to the country's development.
According to Minister for Industry and Energy Miguel Ekua Ondo, the completion of the regulating reservoir will alleviate poverty in the country.
"We now have the possibility to reduce electricity prices for the population," Ondo told Xinhua.
Equatorial Guinea wants to eliminate its reliance on imported diesel fuel and use local resources, including hydropower and gas, Ondo said.
The "timely" completion of the reservoir has rekindled the country's 2020 vision that aims at expanding the sources of production to achieve a competitive economy, he said.