Biovéa Energie SA and the Ivory Coast have signed a 25-year concession contract worth $220 million, for the construction and use of the first and biggest biomass power plant in Ayebo, Ivory Coast.
The project’s construction is expected to start mid-2020 and is expected to open its doors in 2023. The power plant project is partially owned by French companies EDF (40%) and Meridiam (36%), the remaining 24% is owned by Ivorian biomass producer Biokala SA. The leader of the project, Pascal Agboyibor, Managing Partner at ASAFO & Co. is advising Biovéa Energie SA and its sponsors both in Paris and in Abidjan.
“We are delighted to see this Independent Power Project come to fruition. This innovative technology will not only increase the share of renewable energies in the energy mix in Côte d’Ivoire, but will also promote the development of local agro-industry through the use of by-products from the oil industry. palm as raw material,” said Pascal Agboyibor.
Hughes Hubbard & Reed provided consulting services for the Ivory Coast and the different public sectors involved in the project and potential lenders have been advised by Linklaters’ Paris team.