The International Finance Corporation (IFC) announced the signing of a €303m ($346m) financing package for a new gas-fired power project in Côte d’Ivoire.

The new Atinkou power plant consists of a 20-year concession to develop and operate a 390 MW natural gas-fired power plant located about 40 kilometres west of Abidjan.

By using highly efficient combined-cycle turbine technology, the plant will substantially contribute to reducing Côte d’Ivoire’s generation costs and GHG emissions, in part, through the displacement of older generation units.

The sponsor of the project is the Eranove Group, a leading industrial group that manages a number of water and electricity assets in West and Central Africa.

Eranove also owns and operates the 544 MW CIPREL project, the largest power plant in Côte d’Ivoire.

As Lead Arranger and Global Coordinator, IFC arranged the full debt financing package of €303m, which, beyond IFC, was provided by the African Development Bank (AfDB), the Dutch entrepreneurial development bank FMO, Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Emerging Africa Infrastructure Fund, which is part of the Private Infrastructure Development Group, and the OPEC Fund for International Development (OPEC Fund).

IFC supports the energy transition

In addition to mobilising the debt, IFC is providing, as part of the debt package, a €91m ($104m) loan from its own account, as well as interest rate swaps to hedge the project’s interest rate risk.

“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,” said Linda Rudo Munyengeterwa, IFC’s regional industry director, infrastructure and natural resources for Middle East and Africa.

Commenting on the development, Marc Albérola, general manager of the Eranove industrial group, said: “Atinkou builds on the expertise and experience acquired by the Eranove Group with the CIPREL power plant. It thus shows the strength of Eranove industrial model based on African expertise and skills.

“Atinkou also confirms Eranove leading position as both an independent producer and the delegated manager of public services in the water and electricity sectors in Ivory Coast. We want to thank the State of Ivory Coast and the IFC for their trust which will increase energy generation in Côte d’Ivoire, fostering the development of the country and in the sub-region.”