Côte d’Ivoire: BIO invests EUR 15m for Azito power plant expansion
BIO joined a consortium of DFI partners led by PROPARCO, part of AFD Group, in a deal with Azito Energie S.A. for the expansion of the Azito power plant in Côte d’Ivoire.
The project is part of a broader approach to support the country’s energy transition. A consortium of investors, comprising AFD Group, IFC, BIO, FMO, DEG and EAIF, is now strongly supporting the Republic of Côte d’Ivoire in its transition to a low carbon, resilient
Improved access to electricity for 6 million Ivorians
By supplying some 2,000 GWh of additional electricity every year, this project should improve access to electricity for over 6 million people. The additional energy supplied by the project will meet growing demand, in particular from rural areas, thanks to grid extension projects which are currently under development.
It will also reduce the problems of quality and reliability of supply experienced by the country (about 20 hours of cut-offs on average per month). Finally, the expansion will benefit from a less energy-intensive technology, 50% more efficient compared to an open cycle power plant with the same capacity, which will make it the most efficient in the country.
Finally, in addition to improving access to electricity, this project will create or maintain over 125,000 jobs (direct and indirect) and will provide Côte d’Ivoire with EUR 11m of annual tax revenues.
A project supported by a consortium of partners
The project will be financed via shareholders’ equity and the senior debt provided by development finance institutions, such as the African Development Bank (AfDB), West African Development Bank (BOAD), OPEC Fund for International Development (OFID), International Finance Corporation (IFC), PROPARCO and its Dutch (FMO), Belgian (BIO) and German (DEG) counterparts and the Emerging Africa Infrastructure Fund (EAIF), which is a PIDG company.
The project will be developed by two major players in the energy sector in Africa who are key partners for AFD Group: Globeleq, one of the leading independent power producers in Africa, and IPS West Africa, one of Aga Khan’s investment vehicles in Africa.
Also supporting the country’s low-carbon transition
AFD Group is combining this project with more comprehensive support to Côte d’Ivoire for its energy transition by testing renewable energy solutions of the future, such as Biovea, a project to generate bio-electricity from biomass combustion – currently under study – and by helping the country prepare the financing and deployment of renewable energy solutions and investments.
Romain Esperon – +33 (0)1 53 44 38 94- firstname.lastname@example.org
Ben Jehaes - +32 (0)495 549 840 - email@example.com
Debt € 17,760,600.00 (2012)Africa, Ivory Coast
FinDev Canada and BIO, the Belgian Investment Company for Developing Countries, today signed an agreement that will further collaboration to support the sustainable growth of the private sector in developing countries.
The Belgian and German development banks BIO and DEG join forces in infrastructure and enterprise projects, worth 120 million euros.