Globeleq expands Cote d'Ivoire plant
DEVELOPMENT| Oct. 23, 2012, 8:36 a.m.
Emerging markets power company Globeleq Generation Limited has announced the signature of financing for the 139 MW expansion of its existing 288 MW Azito gas-to-power plant near Abidjan, Cote d'Ivoire.
Construction is expected to commence shortly, and to be completed in just over two years. The project was financed on a limited recourse basis with 80% of the funding provided by lenders including the International Finance Corporation, European development finance institutions led by Proparco and BOAD, the West African development bank.
The majority of the equity funds will be contributed by Globeleq and the remainder by its partner in the project, IPS (West Africa), a company majority owned by the Aga Khan Fund for Economic Development. The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group will be providing equity insurance for Globeleq's investment.
"There has been excellent co-operation from all involved in both the private and public sectors to achieve financial close. Securing this milestone from the lenders, contractors and key participants, including the Government of Cote d'Ivoire, indicates their confidence in Globeleq, the stakeholders and the excellent operating record of the Azito facility," Globeleq's CEO, Mikael Karlsson observed.
"This additional generation will provide much needed energy, a key driver in the development of the local economy and improvement in living standards of the people of Cote d'Ivoire."
The new technology to be installed at the 427 MW plant will not need to use any additional fuel and therefore will not create any further carbon emissions. Once operational, the additional electricity will be sold to the privately owned electricity company, CIE through a 20 year concession, making it one of the most affordable and efficient thermal generation facilities in the country.
Paul Kunert, Globeleq's Head of Business Development for Africa & Asia commented: "Azito already has an exceptionally dedicated and skilled operations and maintenance team. Earlier this year we appointed a construction manager to oversee the project through to completion. He is already engaging with the local supply chain and the EPC contractor to ensure that local people will have the best opportunities for recruitment and selection of suppliers." It is expected that more than 1,000 jobs will be created during construction.
MORE DEVELOPMENT NEWS
Ericsson Networked Society City Index 2016 measures ICT maturity in Johannesburg and LagosAlthough starting at a low level, Johannesburg and Lagos are progressing in all ICT dimensions of the Ericsson Networked Society City Index. Read More
Etisalat: Manpower development vital to sustaining telecoms revolution gainsEtisalat says continuous development of indigenous skilled manpower is central to the sustainable growth of the telecoms industry. Read More
Networks Unlimited provides learnerships to 100 ICT studentsOne hundred technical students are set to graduate from an immersive, 12-month learnership programme within Networks Unlimited, with the skills, experience and certifications needed to kick-start their careers. Read More
MTN half-marathon raises funds for ICT in educationMTN’s third edition of the annual MTN 21km half-marathon has been growing steadily since inception and this year the race has boasted just over 6100 participants. Read More
IFC, CGAP, SECO to launch Ghana Digital Financial Services InitiativeThe International Financial Corporation (IFC), a member of the World Bank Group, in partnership with the State Secretariat of Economic Affairs of Switzerland, SECO, and the Consultative Group to Assist the Poor, CGAP, will be launching a US$5.6 million Ghana Digital Financial Services Initiative in Accra. Read More
MTN employees mark 10 years of volunteerism in their communitiesMTN has kicked off the tenth edition of its flagship annual employee volunteerism programme, 21 Days of Y’ello Care. Read More
Airtel Ghana commissions library for La Wireless schoolsAirtel Ghana has commissioned a multipurpose state of the art Library and ICT centre for the La Wireless Cluster of Schools. Read More
Dangote, Airtel 40,000 mobile phones for indigent Lagos womenDangote Foundation this week started the disbursement of N400 million micro grant and mobile phones to 40,000 indigent women in all the local governments in Lagos State. Read More
Evolve with STEM initiative reaches central and Brong Ahafo regionsAirtel Ghana’s corporate social responsibility initiative Evolve With STEM (EWS) has reached some public schools in the Central and Brong Ahafo Regions of the country. Read More
Safaricom Foundation commits Sh36million to free medical campsMore Kenyans are set to benefit from free medical services after Safaricom Foundation increased its funding towards the initiative to Sh36million. Read More
FEATURED STORYGovernment should encourage youths in ICT early
Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.
BEST READ NEWS
IN DEPTHIBM Opens First Cloud Data Centre in South Africa
IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.