Second loan by EAIF helps lift Côte D’Ivoire power station generating capacity to 710MW
In late January 2020 financial close was reached on the €330 million expansion of the Azito Energie gas-fired power station in Côte D’Ivoire. Known as Azito 4, the additional 253MW capacity being installed at the plant will bring its output up to 710MW, representing 30% of Cote D’Ivoire’s installed generating capacity.
The plant produces electricity at low-cost, with only local hydro-electric facilities providing cheaper power. EAIF has loaned €28 million over 15.5 years and closed a funding gap in the project financing.
The additional capacity being added to the power station will produce 2,170 GWh of electricity annually. Using an OECD formula for measuring the impact of new generating capacity, Azito 4 has the potential to provide cheaper and cleaner power to up to 4.9 million people.
Azito Energie is a proven business with a management team that has operated a successful plant for a number of years. Expanding Côte D’Ivoire’s base load electricity capacity will improve the resilience of the economy, which is of fundamental importance in fragile states. It will help stimulate business activity and improve domestic life. Public services such as health and education will also benefit from the greater availability of power at affordable prices.