Eranove wraps up financing for its 390 MW power plant in Côte d’Ivoire

CÔTE D’IVOIRE – The Pan-African industrial group Eranove, the International Finance Corporation (IFC), member of the World Bank Group, and the State of Côte d’Ivoire have signed the agreements and all the documentation for the mobilization of funding of US$44.64 million for the construction of a new power plant in Côte d’Ivoire.

Financial mobilisation was carried out by the IFC from the African Development Bank (AfDB); the Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of the Kreditanstalt für Wiederaufbau (KfW) Group and the German development agency.

The Netherlands Development Finance Corporation (FMO); the Emerging Africa Infrastructure Fund (EAIF); as well as the Fund for International Development (OPEC Fund) also participated in the financing.

In addition to mobilizing the debt, IFC is providing, as part of the debt package, a €91 million (US$104m) loan from its own account, as well as interest rate swaps to hedge the project’s interest rate risk.

“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, infrastructure and natural resources for Middle East and Africa.

The Ciprel V power plant, run by the Atinkou company, is located in Jacqueville, about forty kilometers from Abidjan, and will have an installed capacity of 390 MW in combined cycle.

The company Atinkou was created ad hoc for the implementation of this important development project in Ivory Coast. It will result in the construction of a combined cycle power plant, i.e. producing electricity through two turbines.

“Atinkou builds on the expertise and experience acquired by the Eranove Group with the CIPREL power plant. It thus shows the strength of Eranove industrial model based on African expertise and skills,” Marc Albérola, general manager of the Eranove industrial group, said.

“Atinkou also confirms Eranove leading position as both an independent producer and the delegated manager of public services in the water and electricity sectors in Ivory Coast.

“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.”

The group specialising in the production of electricity and drinking water will operate the Atinkou power plant for a period of 20 years, in accordance with the agreement signed with the Ivorian government in December 2018.

Eranove considers that its plant will be able to supply around 1 million households in Ivory Coast. Up to 2,500 people will be employed during the construction phase of the Atinkou combined cycle power plant.

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