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Work commences on Phase-IV of Azito gas-fired power plant project

Friday, 27 Mar 2020
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Work has kick-started on Phase-IV of Azito gas-fired power plant project in Côte d’Ivoire. A concession agreement was inked with the government of Côte d’Ivoire for the project and it will add 30 percent of the country’s installed capacity.

Azito power plant is now one of the most modern, efficient power plants in West Africa, providing 25 percent of Côte d’Ivoire’s electricity capacity. It currently generates 460 MW of power. Phase-I and -II, which comprised two simple cycle gas turbines (145 MW each), have been in commercial operation since 1999 and 2000, respectively which includes the recent capacity expansion (Phase-III).

The project entailed a cumulative investment of USD 615 million. Phase-III was financed by shareholder equity from Globeleq and the Industrial Promotion Services West Africa, a subsidiary of the Aga Khan Fund for Economic Development (AKFED), and loans from international and bilateral development agencies.

Phase-IV works will combine finalisation of technical MXL2 upgrade which added 30 MW to the plant’s existing capacity during 2019. It will also have the latest combined cycle gas turbine technology in the plant which will allow deployment and monetisation of Côte d’Ivoire’s domestic gas reserves in the most efficient and environmentally effective and sustainable way.

Upon completion, the power plant will see Azito supplying around 713 MW, which will be approximately 30 percent of Côte d’Ivoire’s installed capacity. Construction has already started with first power expected in 2020. All electricity will be sold to the state of Côte d’Ivoire under a 20-year concession agreement.

The project is being financed on a limited recourse basis with a debt financing package of USD 291 million provided by the International Finance Corporation (IFC), the African Development Bank (AfDB), the West African Development Bank (BOAD), the OPEC Fund for International Development (OFID) and a pool of European Development Finance Institutions (EDFIs)

It also includes funding from the Société de Promotion et de Participation Pour la Coopération Economique (PROPARCO), the Belgian Investment Company for Developing Countries (BIO), the German Investment Corporation (DEG), the Emerging Africa Infrastructure Fund (EAIF) – an Africa-focused debt fund managed by Investec Asset Management, and the Netherlands Development Finance Company (FMO).

 
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