Globeleq expands Cote d'Ivoire plant

DEVELOPMENT

|
Image: By Globeleq
Globeleq expands Cote d'Ivoire plant

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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE DEVELOPMENT NEWS

Airtel employees inspire students at Kangemi Resource Centre

Students from over 20 non-formal schools in Kangemi got a chance to interact with Airtel Kenya employees this weekend, through an Airtel sponsored- symposium that was held at Kangemi Resource Centre, Nairobi. Read More

Ericsson’s Connect to Learn wins Total Telecom 2015 Africa award

Ericsson has been recognized with a 2015 Africa Award for “Social Contribution” for its Connect To Learn initiative. Read More

Airtel supports 41 schools in the LEAP Hubs programme

Bharti Airtel has partnered with Chandaria Foundation and the Global Peace Foundation to support 41 schools in Kenya in the LEAP Hubs entrepreneurship program through the provision of free internet connection.   Read More

School calls for solar power for computer lab

The Principal of the Girls Senior High School at Agege, Lagos, has appealed to the Nigerian Communications Commission (NCC) to explore the provision of alternative source of energy, especially solar, to power the computer laboratory the regulator just donated to the school. Read More

Airtel connects Bungoma Schools to the Internet for free

Airtel Kenya has connected Natombo CBM Primary and Secondary Schools in Kabuchai, Bungoma County to the Internet for free. Read More

Boost investment in Africa’s energy for a triple win, Annan report urges

African governments, investors, and international financial institutions must significantly scale up investment in energy to unlock Africa’s potential as a global low-carbon superpower, says a new report from Kofi Annan’s Africa Progress Panel. Read More

Airtel connects seven more schools for free

Airtel this week connected seven schools in Mombasa and Central regions as part of its efforts to support Kenya’s education system through its ambitious and unique Internet for Schools project.      Read More

MTN Ghana launches Y’ello Care challenge to educate female porters in Ghana

Ghana’s leading network operator, MTN, has officially launched its 21 Days Y’ello Care Challenge in Accra under the theme Investing in Education for All.  Read More

MTN SA Foundation injects R8m in a 21-day campaign

MTN SA Foundation has injected an R8 million into the 21 Days of Y’ello Care campaign to capitalise on the partnership with the MTNers in the 2015 investments in education.  Read More

Schneider Electric solar systems power new SA game lodge construction

AdSolar EPC chose photovoltaic (PV) innovation by the specialist in energy management, Schneider Electric, to power the creation of a new 22-room Rhino Ridge luxury game lodge bordering the Hluhluwe Game Reserve in KwaZulu-Natal.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

IHS plans to inject fresh $500m to grow capacityIHS plans to inject fresh $500m to grow capacity

Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.