COTE D’IVOIRE— IFC has succeeded in arranging a US$ 341.98m (EUR 303m) credit facility for the financing of a new a gas fired power project in Côte d’Ivoire.
The new plant – called Atinkou – is being developed by Eranove, an independent producer and the delegated manager of public services in the water and electricity sectors in Ivory Coast.
According to an IFC statement, the new plant will boost power generation and supply in a country, where, as of 2017, only 66 percent of the population had access to electricity.
“Once built, Atinkou will provide affordable power to thousands of homes and businesses, while helping Côte d’Ivoire meet its goal of transitioning to greener electricity production,” said Linda Rudo Munyengeterwa, IFC’s Regional Industry Director, Middle East and Africa.
The Project whose total cost is US$ 455.97m (EUR 404 million) consists of a 20-year concession to develop and operate a 390MW natural gas-fired power plant located about 40 kilometers west of Abidjan.
As Lead Arranger and Global Coordinator, IFC revealed that it arranged the full debt financing package of EUR 303 million, which was provided by the AfDB, the FMO, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Emerging Africa Infrastructure Fund.
IFC on its part, is providing a US$102.71m (EUR 91 million loan) for its own account, as well as interest rate swaps to hedge the project’s interest rate risk.
According to the IFC statement, The plant will substantially contribute to reducing Côte d’Ivoire’s generation costs and GHG emissions, in part, through the displacement of older generation units.
Eranove, the project sponsor also owns and operates the 544 MW CIPREL project, the largest power plant in Côte d’Ivoire.
“We want to thank the State of Ivory Coast and the IFC for their trust which will increase energy generation in Côte d’Ivoire, fostering the development of the country and in the sub-region,” Mr. Marc Albérola, General Manager of the Eranove industrial group said.
