Dakar, Senegal, August 19, 2013
— IFC, a member of the World Bank Group, as lead arranger and global coordinator, has completed a €200 million financing package for the expansion of the CIPREL thermal power plant in Côte d’Ivoire, helping improve access to energy in the country.
CIPREL is currently undertaking a major expansion plan composed of an additional 111 MW gas turbine (Phase 4A) and the conversion to combined cycle of its two latest gas turbines, which will add a further 111 MW capacity via a steam turbine (Phase 4B). Phase 4B will enable CIPREL to generate an additional 800GWh/per annum of low-cost power without any incremental gas consumption and no further greenhouse gas emitted. Total cost of the two investments amounts to €350 million.
For CIPREL Phase 4B, IFC is providing a €100 million loan. PROPARCO and AfDB are each providing €50 million loans.
“With this expansion, CIPREL will continue to provide Cote d’Ivoire with what it needs most after a difficult few years, that is reliable, clean and low cost electricity that will enable the country to capitalize on its economic dynamism and lead to sustainable development,” said Bernard Kouassi N’Guessan, CIPREL’s CEO.
“With this investment, Finagestion is thrilled to support its flagship subsidiary in the power generation sector CIPREL, which has become a reference for technical, operational and financial excellence not only in Cote d’Ivoire but in Africa. We are extremely pleased to have been able to sign the financing with such a committed group of financiers,” said Marc Alberola, CEO of Finagestion.
After the expansion, total installed capacity of CIPREL will increase to 543 MW – making it the largest power plant in Côte d’Ivoire and one of the most important in the region. The additional power will improve access to electricity for Ivoirians, help meet increasing demand for electricity and sustain Côte d’Ivoire’s economic growth, and enable the country to meet its export objectives to neighboring countries in the sub-region.
“CIPREL and the Government of Cote d’Ivoire have put in great effort into making this important investment. We are pleased to continue our support to CIPREL, a company that is taking important steps to help address the electricity needs of the country and the region,” said Yolande Duhem, IFC Director for West and Central Africa.
Increasing access to power is at the heart of IFC’s strategy for infrastructure development in sub-Saharan Africa. IFC invested over $1 billion in infrastructure projects in Africa in fiscal year 2013, up from $200 million five years ago.
About CIPREL
CIPREL was incorporated in July 1994 as the first independent power producer in Cote d’Ivoire, to develop a gas-fired power station near Abidjan. It started its operations in March 1995 with a first tranche comprising three gas turbines with an individual capacity of 33 MW. A second tranche (open cycle), representing an additional 111 MW in generation capacity, was added in June 1997. A third tranche with an additional 111 MW in generation capacity (open cycle) was added in December 2009.
About Finagestion
Finagestion S.A., which owns 83% of CIPREL, is a diversified utilities group with substantial experience in the electricity and water sectors in Cote d’Ivoire and Senegal.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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