Deals - Dec 05, 2024

Asafo & Co. advised Songon Energies S.A. on the negotiation with the Côte d’Ivoire government and signing of amendment No. 2 to the ENERGY 73 Convention for the financing and implementation through the BOOT model (Build, Own, Operate, Transfer), of a 372 MW ISO combined cycle thermal power plant located in Songon, Côte d’Ivoire.

The initial agreement, signed in December 2013, was first amended in October 2020. The latest amendment will enable the financing to be raised quickly in order to implement the Project. Asafo & Co. is also assisting Songon Energies S.A. in the financing negotiations.

This project, with an additional capacity of 372 MW and an estimated annual production of 2,800 GWh, is part of the Ministry of Energy’s 2022-2040 Master Plan for Production and Transport, aiming to make Côte d’Ivoire a regional energy hub.

The Songon combined cycle thermal power plant, scheduled to be operational 36 months after the effective date of the Amendment n°2, represents a total investment of EUR 523,937,118.96 (342.129 billion FCFA). This project will create approximately 824 direct and indirect jobs during the construction phase and 260 jobs during the operational phase.

This ambitious project reflects the Ivorian government’s ongoing commitment to significantly increase electricity production capacity, from 2,907 MW at the end of 2023, to 3,500 MW in 2025, 5,200 MW in 2030, and 8,600 MW in 2040.

The Asafo & Co. team was led by Abidjan-based partner Yacouba Coulibaly and associate Dongjiao Wang. They were assisted by associates Vanessa Neyam and Camille Bessi . Yacouba also worked with Louis Dubois (partner) and Guy-Fabrice Holo (associate) on the contractual aspects of the concession agreement.