Name of the Project
Heavy fuel oil- (HFO-) fuelled power station project.
Location
Kayes region of Mali.
Client
Albatros Energy Mali.
African Infrastructure Investment Managers (AIIM), through its AIIF3 fund, acquired a 44% stake in Albatros Energy Mali in June this year.
Project Description
The power plant will be the country’s first independent power producer project to feed into the national grid.
Albatros proposes to build a 90 MW HFO-fuelled power station, adding 30% to Mali’s effective baseload electricity capacity and creating enough power for the equivalent of about 780 000 households.
The power will be sold to Mali’s national utility Énergie du Mali through a 20-year power purchase agreement.
Jobs to Be Created
An estimated 183 locals are to be recruited for a total construction workforce of 191.
When operational, the plant will employ 53 staff, 50 being local.
Value
The project is estimated at €125-million.
The project finance is structured through senior debt (70%) and a combination of ordinary shares and shareholder loans (30%), with AIIM the largest shareholder.
Lenders to the project are the West African Development Bank, the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, the Organisation of the Petroleum Exporting Countries Fund for International Development, the Emerging Africa Infrastructure Fund and GuarantCo.
Duration
Construction started in July and is expected to take about 16 months.
Latest Developments
None stated.
Key Contracts and Suppliers
Redox Power Solutions, Burmeister & Wain Scandinavian Contractor (construction and operation of the project).
On Budget and on Time?
Too early to state.
Contact Details for Project Information
Albatros Energy Mali, tel +223 20228097.
AIIM, Rayhana Erasmus, tel +27 21 670 3962 or email Rayhana.Erasmus@aiimafrica.com.