IFC arranges financing for the expansion of Azito Power Plant in Côte d’Ivoire

IFC, a member of the World Bank Group, has arranged the financing for the expansion of the Azito thermal power plant (Azito Phase 4) in Côte d’Ivoire.

Azito Phase 4 will add to the existing plant new gas and steam turbines (for an additional 253 MW), allowing Azito to generate an additional 2,000 GWh per annum – or over 30% of the country’s electricity for the whole plant. Power produced by Azito Phase 4 will displace less efficient and older thermal units in the market, substantially reducing costs and emissions, and contribute to meeting growing domestic and regional demand for electricity. The expansion is expected to increase access to electricity for hundreds of thousands of homes and businesses.

Azito Phase 4 will help the Republic of Côte d’Ivoire meet its national target of 42% renewables by 2030 by supporting grid stability and helping integrate intermittent renewables to complement the country’s hydropower base (900 MW, or about 40% of total installed capacity).

IFC, as Lead Arranger and Global Coordinator, arranged the full debt financing package of EUR264 million (US$295.17 million), provided by: the African Development Bank (AfDB); the West African Development Bank (BOAD); OPEC Fund for International Development (OFID); a pool of European Development Finance Institutions (EDFIS), including PROPARCO, the Belgian Investment Company for Developing Countries (BIO), the German Investment Corporation (DEG); and the Emerging Africa Infrastructure Fund (EAIF) – an Africa-focused debt fund managed by Investec Asset Management and the Netherlands Development Finance Company (FMO). Along with mobilizing the debt, IFC is providing, as part of the debt package, a EUR46 million (US$51.5 million) loan to Azito for its own account, as well as interest rate swaps for the Euro-denominated debt.