News / IFC finances a power project in Ivery Coast

IFC finances a power project in Ivery Coast

🕔 August 22, 2013

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The International Finance Corporation (IFC) as lead arranger and global coordinator, has completed a €200 million financing package for the expansion of the CIPREL thermal power plant in Côte d'Ivoire.

CIPREL is currently undertaking a major expansion plan composed of an additional 111 MW gas turbine (Phase 4A) and the conversion to combined cycle of its two latest gas turbines, which will add a further 111 MW capacity via a steam turbine (Phase 4B). Phase 4B will enable CIPREL to generate an additional 800GWh/per annum of low-cost power without any incremental gas consumption and no further greenhouse gas emitted. Total cost of the two investments amounts to €350 million.

For CIPREL Phase 4B, IFC is providing a €100 million loan. PROPARCO and AfDB are each providing €50 million loans.

Bernard Kouassi N'Guessan, CIPREL's CEO said:

"With this expansion, CIPREL will continue to provide Cote d'Ivoire with what it needs most after a difficult few years, that is reliable, clean and low cost electricity that will enable the country to capitalize on its economic dynamism and lead to sustainable development."

CIPREL's main shareholder Paris-based Finagestion (83.3%) is a holding company controlling several concessions in the water and electricity sectors in Côte d'Ivoire and Senegal. Marc Alberola, CEO of Finagestion, said:

"With this investment, Finagestion is thrilled to support its flagship subsidiary in the power generation sector CIPREL, which has become a reference for technical, operational and financial excellence not only in Cote d'Ivoire but in Africa. We are extremely pleased to have been able to sign the financing with such a committed group of financiers."

After the expansion, total installed capacity of CIPREL will increase to 543 MW - making it the largest power plant in Côte d'Ivoire and one of the most important in the region.

Increasing access to power is at the heart of IFC's strategy for infrastructure development in sub-Saharan Africa.  IFC invested over $1 billion in infrastructure projects in Africa in fiscal year 2013, up from $200 million five years ago.

More information in the IFC Projects Database.

Source: IFC

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