Upon completion, the final capacity of the plant will be 420MW, which will make it one of the largest and the most efficient thermal power plants in Cote d’Ivoire, reported Penn Energy.

Construction is expected to be completed by early 2015.

The project has been funded on a limited recourse basis with 80% of the expansion funding from International Finance, European development finance institutions led by Proparco and BOAD.

Globeleq CEO Mikael Karlsson said that the project has solid fundamentals and strong support from all stakeholders.

"Once operating, the facility will produce 50% more power using no additional gas and therefore no further emissions," Karlsson added.

The expansion project has been registered under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC).

Hyundai Engineering and Construction is the EPC contractor and will design, build and commission the expansion on a turnkey basis.