The Atinkou power project comprises a 20-year concession to develop and operate the natural gas-fired power facility
The International Finance Corporation (IFC) has signed a €303m ($338.5m) financing package for the 390MW Atinkou power project in Côte d’Ivoire, Africa.
The new gas fired power project is expected to increase the generation and supply of electricity in Côte d’Ivoire.
According to IFC, only 66% of the population of the country had access to electricity as of 2017.
Atinkou Power project, which costs €404m ($451.4m), comprises a 20-year concession to develop and operate the natural gas-fired power facility which is situated approximately 40km west of Abidjan.
IFC said that by installing combined-cycle turbine technology and displacing the older generation units, the plant is expected to less generation costs and CO2 emissions in the country.
IFC is providing $101.6m loan for the project
IFC Middle East and Africa regional industry director said: “Once built, Atinkou will provide affordable power to thousands of homes and businesses, while helping Côte d’Ivoire meet its goal of transitioning to greener electricity production.
“IFC’s investment in the project is a testimony to IFC’s longstanding commitment to Côte d’Ivoire’s power sector, which began in 1994, when our partnership with CIPREL began.”
Eranove Group is responsible for the design, construction, operation and maintenance of combined cycle thermal facility.
Serving as the lead arranger and global coordinator, IFC has arranged the complete debt financing package of €303m for the project.
The funding was provided by the African Development Bank (AfDB), FMO the Dutch entrepreneurial development bank, Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and the OPEC Fund for International Development (OPEC Fund).
IFC is providing €91m ($101.6m) funding as part of the debt package for the project.