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Africa Finance Corporation (AFC) has announced the financial close of a bridge loan facility contracted by Ivoire Hydro Energy (IHE) for the construction of the 44 MW Singrobo-Ahouaty hydropower project in Côte d’Ivoire.
AFC’s commitment towards IHE amounts to a total of EUR174 million (US$198.2 million), comprising a majority equity investment of EUR24.4 million (US$27.8 million), and a bridge loan facility of EUR149.6 million (US$170.4 million). The first disbursement of the bridge loan facility occurred in December 2018.
IHE’s other shareholders include Themis, a project development company, and IHE Holding, a company incorporated by Ekolan Alain Etty, a local entrepreneur. The power plant will be built by Eiffage, selected following an international competitive bidding.
The bridge loan financing structure was selected to enable construction to begin as soon as possible and shorten the development phase of the project. The structure means that the often lengthy process of long-term lenders securing final credit approvals will not delay construction. The development phase of the project is now expected to last less than five years, contrasting the standard 10-year development phases of similar projects.
Long-term debt financing for the project is being arranged by the African Development Bank (AfDB). This includes US$59 million from the bank's own account, approved in December 2017.
The 44 MW power plant will be installed on the Bandama River, 148km north of the capital city, Abidjan. It is expected to be fully operational by 2021.
With confirmed participation of H.E Honourable Malick Alhousseini, H.E Honourable Professor Alfa Oumar Dissa, Ghana’s Ministry of Energy, Autorité Nationale de Régulation du Secteur de l'Electricité (Anaré), TOTAL, CI-GNL, Regional Liquidity Support Facility (RLSF) and West Africa Gas Pipeline Authority Company (WAGPA), the fast approaching Regional Energy Co-operation Summit 2018 will establish the roadmap for sustainable electricity trade in ECOWAS’ booming gas and energy markets.
Read moreIn a bid to reduce the huge infrastructure financing gap in Sub-Saharan Africa, the African Development Bank has approved US$100 million to The Emerging Africa Infrastructure Fund (EAIF), a public private partnership company.
Read moreEnergyNet will host the second Regional Energy Co-operation Summit in Côte d’Ivoire from 24-25 January 2018 - a strategic platform for project evolution and partnership development. The conference will discuss opportunities for cross-border power projects and potential gas investments across West Africa.
Read moreThe African Development Bank (AfDB) has announced that it has approved a loan of US$265 million to support 800 MW of solar projects in Morocco, and will also lend approximately $US59 million to the 44 MW Singrobo-Ahouaty hydropower project in Côte d’Ivoire.
Read moreThe African Development Bank is pleased to announce the appointment of Ms. Astrid Manroth as the Director for Energy Transformative Partnerships with effect from 15th February 2017.
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