- EIAF will provide €25m for a hydropower project in Côte d’Ivoire.
- The plant will have a capacity of 44MW.
- The project is estimated to cost €174m
The Emerging Africa Infrastructure Fund (EAIF), part of the Private Infrastructure Development Group (PIDG), will lend €25 million over 8 years to Ivoire Hydro Energy (IHE) for the construction of a 44MW hydroelectric power plant. The plant set to be constructed on the Bandama River near Singrobo village in Côte d’Ivoire is expected to achieve financial close in Q3 2021. The project is estimated to cost about €174 million and would take about 36 months to construct.
“The new facility being built at Singrobo is the country’s first hydroelectric development by an independent power producer. The project has seen EAIF and PIDG deliver on three core objectives; mobilising private capital, enabling economic development and contributing to increasing Africa’s stock of renewable energy infrastructure,” says Paromita Chatterjee, Investment Director Ninety One (managers of EAIF).
IHE will supply the energy from the plant to Côte d’Ivoire’s national grid operator,Compagnie Ivoirienne d’Electricité under a long-term PPA. The plant is expected to enhance the system’s reliability by providing both baseload and peak demand.
The African Development Bank (AfDB) will also provide financing for the project alongside the German international development agency, GIZ and the Africa Finance Corporation (AFC). The project’s shareholders IHE Holding, the Africa Finance Corporation and DIPFA, will provide 25 per cent of the costs.