Situation
The Azito Power Expansion Project involves the expansion of an existing 288 megawatt (MW) gas-fired power plant located in Côte d’Ivoire, into a combined cycle plant, with the addition of a 140 MW heat-recovery steam turbine. The project is the third phase in the construction of the Azito power generation facility, with two earlier phases completed in 1999 and 2000.
The Ivorian privately-run power utility, Compagnie Ivoirienne de l'électricité (CIE), is the sole off-taker and will on behalf of the government pay all available capacity and energy produced by the plant. The Project will use existing infrastructure to evacuate the additional power from the power plant.
The project is being executed by an independent power producer, Azito Energie, under a government guaranteed 20-year take-or-pay Power Purchase Agreement (PPA). Azito Energie is an Ivorian limited liability firm originally majority-owned by Globeleq Generation Holdings Limited (owned by Actis Infrastructure Fund II) which is a global firm with extensive track record as an independent power producer in Africa. In February 2015, CDC Group and Norfund entered into a partnership which resulted in direct ownership of Globeleq Africa through Africa Power Limited.
Azito is a repeat client of the Bank and has benefited from senior debt amounting to USD 14 million toward the financing of Azito Phase 1 in 1998. That loan has been fully repaid together with all other debt obligations under Phases 1 and 2 of the facility.
