The Atinkou project consists of a 20-year concession to develop and operate a 390MW power plant some 40 kilometers west of Abidjan. The new CCGT will substantially improve electrification levels in the Ivory Coast, where just 66% of the population has access to electricity.
The project sponsor is Eranove Group, a leading developer of water and electricity assets in West and Central Africa. Eranove also owns and operates the 544 MW CIPREL project, the largest power plant in Côte d’Ivoire.
“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,” said Marc Albérola, general manager of the Eranove.
As lead arranger, IFC coordinated the full debt financing package of €303 million, which was provided together with the African Development Bank (AfDB), the Dutch development bank FMO, Germany’s DEG, the Emerging Africa Infrastructure Fund and the OPEC Fund. In addition to mobilizing the debt, IFC is providing a 91 million Euros loan for 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 for the Middle East and Africa.
Together with the World Bank, the IFC has been supporting the Ivory Coast in developing its power sector. The bank stressed this new round of financing builds on the success of CIPREL, which has been providing affordable power in the country since 1995.