AfDB Approves USD 50 million Senior Loan for the Expansion of Azito Power Plant in Côte d'Ivoire
The Board of Directors of the African Development Bank (AfDB) has approved a senior loan of USD 50 million for the expansion of the Azito power plant in Côte d'Ivoire. This facility aims to finance the third phase of the project which consists of converting the existing 288 MW simple-cycle power plant to a combined-cycle power plant, thereby increasing the total generation capacity to 430 MW.
The Project Sponsor is Azito Energie, an Ivorian limited liability company, incorporated in 1997, in order to build, finance and operate the Azito project. The Project constitutes a good example of the Bank ongoing support to a Sponsor that has displayed sound performance.
The Project will contribute directly to (i) the development of the electric power infrastructure in Côte d'Ivoire,(ii) boosting to a struggling economy after the crisis, (iii) ensuring continuous availability of a reliable and affordable electricity, (iv) the creation of direct and indirect employment, (v) more efficient energy production in term of CO2 emission due to the efficient combined cycle technology, and enhancement of the efficiency of existing assets, (vi) potential for increased electricity exports in the West Africa Power Pool through interconnections, and (vii) increasing Government revenues.
By building this power infrastructure, the Project addresses one of the Bank’s key private sector objectives, which is to enhance the environment for private sector-led economic development and growth, and it is in line with Côte d'Ivoire’s national development priorities and goals identified in the Bank’s intervention strategy for 2011-2012, the Bank’s Medium Term strategy, the Regional Integration Strategy for West Africa and the Bank’s new energy policy which promotes “green growth”.