Proparco, EAIF to finance 46 MW Biovea biomass project in Ivory Coast

Proparco and the Emerging Africa Infrastructure Fund (EAIF) have closed a EUR165 million (US$196.5 million) finance deal and EUR13 million (US$15.5 million) grant to secure the financing of the Biovea project in Ivory Coast, which will be the first biomass power plant with grid injection in Africa.

The loans are granted by Proparco, the private sector financing arm of Agence française de développement (AFD) Group, and the Emerging Africa Infrastructure Fund to Biovea Energie, which was the winner of the 25-year concession to design, build, operate and transfer the 46 MW biomass plant.

Biovea Energie is incorporated in Ivory Coast and is sponsored by EDF (Electricité De France), Meridiam, and Biokala, a joint venture set up between Meridiam and SIFCA, a major agro-industrial player in West Africa.

The power plant will be supplied with around 450K tons of palm tree waste through a long-term fuel supply agreement signed with PalmCi a subsidiary of SIFCA. 

It is estimated that the Biovea project will also permit to avoid the emission of approximately 340 thousand tons of CO2 equivalent per year once operational.