Azito Energie reaches financial close for Azito gas-fired power plant project expansion

Azito Energie SA, a unit of Aga Khan Fund for Economic Development, has reached financial close on its 253 MW Azito gas-fired power plant project expansion near Abidjan in Cote d'Ivoire. 

The expansion project is funded by debt financing package on a limited recourse basis of EUR264 million (US$295.17 million) provided by the International Finance Corporation, the African Development Bank; the West African Development Bank; the OPEC Fund for International Development and a pool of European Development Finance Institutions including the Société de Promotion et de Participation Pour la Coopération Economique, the Belgian Investment Company for Developing Countries, the German Investment Corporation, the Emerging Africa Infrastructure Fund – an Africa-focused debt fund managed by Investec Asset Management, and the Netherlands Development Finance Company. 

The construction is expected to be completed before the end of 2020. The energy produced from the plant will be supplied to the State of Côte d’Ivoire under a 20-year concession agreement.