Globeleq reaches financial close on Azito power plant expansion (Ivory Coast)
Azito Energie has reached financial close for the 253 MW expansion of the Azito gas-fired CCGT power plant near Abidjan, in Ivory Coast. The power plant, which has a capacity of 460 MW, was already expanded by 30 MW in 2019, and will reach 713 MW. The construction of the expansion has already started and is expected to be commissioned in 2020. All its power generation will be sold to the State of Ivory Coast under a 20-year concession agreement.
The project is owned by Azito Energie is a joint-venture between Globeleq and IPS (West Africa), an affiliate of the Aga Khan Fund for Economic Development. The expansion, which will cost €264m, is financed by a group of lenders, which include the International Finance Corporation (IFC), the African Development Bank (AfDB); the West African Development Bank (BOAD); the OPEC Fund for International Development (OFID) and a pool of European development finance institutions.
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