In December 2019, Biovéa Energie SA and the Government of Côte d’Ivoire signed a 25-year concession agreement for the design, construction, financing, operation and transfer of the Biovéa project, a 46 MW biomass power project in Ayebo.

This project is the first biomass plant project in the country and Africa’s largest biomass facility. The construction work on this plant is due to start by mid-2020 and the infrastructure is expected to be commissioned in mid-2023. Total construction costs are anticipated to amount to approximately €200 million.

The project will be developed and operated by a special purpose project Biovéa Energie SA, held by EDF (40%), Meridiam (36%) and Biokala SA (24%). The project involves the construction of the power plant and associated transmission lines and grid connection infrastructures.

ASAFO & Co. advised the sponsors and Biovéa Energie SA with a team led by Pascal AGBOYIBOR (Managing Partner), Simon RATLEDGE (Partner) in Paris and Didier BOUA DOUX (Of Counsel) in Abidjan. The team included Jamal FOFANA (Senior Associate), Zahara AW (Associate), Tidiane CAMARA (Associate) from the Abidjan Office.

The State of Côte d’Ivoire and state-owned entity CI-Energies were advised by Hughes Hubbard Reed LLP in Paris (Sena AGBAYISSAH, Partner, assisted by Rhidian DAVID, Counsel). The prospective lenders were advised by Linklaters LLP in Paris (Bertrand ANDRIANI, Partner).

Pascal AGBOYIBOR, Managing Partner: “We are delighted to see this IPP project come to fruition- not only is it set to step-up the share of renewables in the energy mix in Côte d’Ivoire, but the innovative technology will also give a boost to the local agro-industry through the use of by-products of the palm oil industry as feedstock.”