Azito Energie – a subsidiary of Globeleq and IPS WA – has announced financial close on the Azito gas power plant expansion plan, near Abidjan, Ivory Coast.
The project is funded using a limited resource basis associated with a debt financing package of $293 million.
“Achieving financial close for the expansion of the Azito power plant is exciting and significant for the sector and demonstrates Globeleq’s long-term view and partnership approach with governments. The Azito Phase IV tariff will be the lowest-cost thermal power in the Ivory Coast and we look forward to providing the region with reliable, cost-effective and environmentally sustainable energy in cooperation with CI-Energies and the State,” said
Globeleq CEO Mike Scholey.
The MXL2 technical upgrade was completed last year, adding 30 MW to existing capacity. The phase IV expansion will add another 223 MW, totalling a capacity of 713 MW, or about 30% of the country’s installed capacity.
First power is expected this year, as building works have already started and all produced electricity will be sold to the state under a 20-year long concession agreement.