ASAFO & Co. has advised the Sponsors Globeleq and IPS West Africa (a subsidiary of the Aga Khan’s “AKFED” fund) and project company Azito Energie on the financing of the 250MW combined cycle expansion of the Azito gas fired power plant in Yopougon, Côte d’Ivoire.
The EUR 264 million funding package was provided by a pool of nine development finance institutions (DFIs) from across the world comprising AfDB, BIO, BOAD, DEG, EAIF, IFC, OFID and Proparco, with World Bank member IFC acting as global coordinator. The remainder of the overall EUR 330 million capital cost is to be met through equity funding. Spanish group ACS Cobra is EPC Contractor for the expansion project, with the gas and steam turbines being provided by GE.
This expansion brings overall capacity at the Azito plant to 700MW making Azito Energie more than ever a key player amongst Côte d’Ivoire’s power producers, representing around 35 % of national electrical power production capacity. The expansion is part of the Government’s strategy to make Côte d’Ivoire a key regional electrical production hub (national production is expected to reach 4,000 MW by 2020) and will help meet growing national and regional demand for electricity (domestic demand is set to grow by 10% per year). The combined cycle technology will ensure reliable, efficient and cost-effective base load power as a vital part of the energy mix in the Côte d’Ivoire.
The ASAFO & Co. team was led from Paris by partner Simon RATLEDGE and included Adrien GUIDET, partner and Olivia CROUZAT, Shimei LI and Guillaume ESCOP, associates. ASAFO & Co. worked in cooperation with FLC (Denis BANDET) with respect to the concession arrangements. Orrick Herrington & Sutcliffe (John DEACON and Emily YUNG, in London) advised the Sponsors on the EPC arrangements. The Lenders were advised by Clifford Chance (led by partners Delphine SIINO COURTIN and Nikolaï EATWELL, in Paris). The State of Côte d’Ivoire and CI-Energies were advised by Hughes Hubbard Reed LLP in Paris (Sena AGBAYISSAH, Partner).