Vincent Le Guennou, co-CEO d’Emerging Capital Partners (left) and Marc Albérola, Managing Director, Eranove (right)
Abidjan, 11March 2020 Pan-African industrial company Eranove, the International Finance Corporation (IFC), a member of the World Bank Group, and the State of Côte d’Ivoire have signed the agreements and all the documentation for leveraging the €404 million financing required for the construction of a new power plant in Côte d’Ivoire. The Ciprel V power plant, owned by Atinkou (which means ‘House of Light’ in the Ebrié language), is located in Jacqueville, some 40 km from Abidjan, and will have an installed capacity of 390 MW in combined cycle.
According to the 20-year concession agreement signed in December 2018 between the State of Côte d’Ivoire and Eranove, the Atinkou power plant will use ‘combined cycle’ gas-steam technology. This technology is efficient in both economic and environmental terms, as it reduces gas consumption and CO2 emissions and is in line with the State of Côte d’Ivoire’s vision of clean, high-quality and affordable energy, especially as the plant will use new-generation turbines that save on natural gas consumption.
During the construction phase of the Atinkou plant, as many as 2,500 people will be employed locally. The plant will ultimately produce 2,875 GWh annually, equivalent to the consumption of around a million households.
This project is underpinned by the electricity production expertise and experience acquired by Eranove.
As lead arranger and overall coordinator, the International Finance Corporation (IFC) negotiated all the debt financing which, besides IFC, is provided by the African Development Bank (AfDB), the Netherlands Development Finance Corporation (FMO), the German Cooperation Bank (DEG), the Emerging Africa Infrastructure Fund (EAIF) and the OPEC Fund for International Development (OPEC Fund).
“In accordance with the instructions of His Excellency the President of the Republic, the Ivorian Government, under the leadership of the Prime Minister, is committed to making Côte d’Ivoire the energy hub of the sub-region by 2030, with an energy mix comprising 42% renewable energies and providing quality energy at an affordable cost. The Atinkou project falls squarely within this vision. In addition, it will help to promote local content through the use of our local SMEs and the creation of 2,500 direct and indirect jobs during the construction phase, and 100 direct jobs during the operation phase”, said Abdourahmane Cissé, Côte d’Ivoire’s Minister of Petroleum, Energy and Renewable Energy.
“The Atinkou plant demonstrates the strength of Eranove’s industrial model based on African skills and public and private partnerships involving the State and local players. Atinkou also confirms Eranove’s leading position as an independent producer and delegated manager of public services. We thank the State of Côte d’Ivoire, our shareholders and in particular ECP, IFC and all the lenders for their trust and support. This new power plant will support public policies aimed at facilitating access to electricity in Côte d’Ivoire and at meeting national and regional electricity demand generated by strong economic growth,” said Marc Albérola, CEO of Eranove.
“The signing of the financing agreements for the Atinkou power plant ushers in the use of a new generation of combined gas-steam cycle, which is even more efficient in economic and environmental terms, with a significant reduction in CO2 emissions,” added Bernard Kouassi N’Guessan, Managing Director of Atinkou and CIPREL’s Chairman of the Board.
“Once built, Atinkou will provide energy to thousands of homes and businesses, while helping Côte d’Ivoire achieve its goal of transitioning to greener electricity generation. IFC’s investment in the project reflects our long-standing commitment to Côte d’Ivoire’s electricity sector, which began in 1994 at the start of our partnership with CIPREL,” said Linda Rudo Munyengeterwa, IFC’s Regional Director for Industry, Infrastructure and Natural Resources, Middle East and Africa.