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Ivorian green hydropower project gets €25m loan

The Emerging Africa Infrastructure Fund (EAIF) is participating in the funding of the construction of a hydroelectric power station for…

The Emerging Africa Infrastructure Fund (EAIF) is participating in the funding of the construction of a hydroelectric power station for a total amount of €174 million.The 44 megawatt infrastructure is to be inaugurated in 36 months. It will be built on the Bandama River, which crosses Cote d’Ivoire from north to south. The hydroelectric power station will be built at Singrobo-Ahouaty in the Toumodi district, located about 200 km north of Abidjan.

Ivoir Hydro Energy (IHE), the initiator of this project supported by the Ivorian State, will receive the 18-year loan. “A long-term power purchase agreement stipulates that all the production of the Singrobo power plant will be sold to the Ivorian Electricity Company, which operates the Ivorian national grid,” said a statement shared with APA on Monday.

According to the project designers, “the new power plant will be an important strategic economic asset for Cote d’Ivoire” because “it will increase the country’s production capacity, strengthen the flexibility of the system through its ability to ensure basic power supply, but also to meet peaks in demand.”

In addition to the Emerging Africa Infrastructure Fund (EAIF), other creditors include the African Development Bank (AfDB) and the German Investment and Development Company (DEG).

IHE Holding, the Africa Finance Corporation (AFC) and Dipfa, an international investment platform for power generation projects, will provide equity financing for 25 percent of the project cost.

Cote d4Ivoire has an electrification rate of about 88 percent in urban areas and 31percent in rural areas. The economic power of the West African Economic and Monetary Union (ECOWAS) wants to increase the share of renewable energy in its electricity production to 42percent by 2030, compared to the present 15percent rate.

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