Actis portfolio company, Globeleq, has completed a financing agreement for the 139MW expansion of Azito, its 288MW power plant near Abidjan.
The existing Azito plant will be converted to a more efficient combined cycle plant, increasing capacity by 50%; the new capacity will use no additional fuel and will result in no rise in CO emissions.
Building work is expected to begin shortly and to be completed in just over two years. Approximately 1,000 jobs will be created during construction.
Debt financing has been provided by lenders including the International Finance Corporation (IFC), European development finance institutions led by Proparco, and West African development bank, BOAD.
Torbjorn Caesar, Co-Head of Energy at Actis said: “This is a milestone moment; the quality of the lenders reflects a collective confidence both in Globeleq and in the strong operating record of the Azito plant. Safe, reliable and affordable electricity is crucial to Côte d’Ivoire’s economic and social development and we are pleased to support Globeleq and Azito as they endeavour to provide this."
Globeleq develops, acquires, owns and operates power generation facilities in emerging markets. The expansion of the Azito plant demonstrates Globeleq’s strategy to become the leading power company in Africa.