Proparco, FMO and Société Générale finance biomass-fired power project in Cote d'Ivoire

Proparco (lead arranger), FMO and Société Générale allocates to SIFCA a EUR 90M loan to finance the agricultural investment of developing a biomass power plant producing electricity from palm waste. The project will generate low-carbon electricity.

SIFCA operates in Côte d’Ivoire, Ghana, Liberia, Nigeria and Senegal in West Africa. The company sources its raw materials from over 110,000 small planters.

It is projected that over over the next 5 years, this project will create over 180,000 direct and indirect jobs in the said countries. The endeavor will also include training to assist farmers in good agricultural practices.

Due to the financing, SIFCA's activities will affect the economy thus lowering the prices of basic food commodities in the region. This will also lead to creation of roads, schools, clinics, and other facilities.