Name and Location
Azito gas-to-power plant expansion project, Côte d’Ivoire.

Client
Globeleq and IPS (West Africa).

Project Description
The project entails the expansion of the Azito gas-to-power plant, near Abidjan, by 139 MW to a total nominal capacity of 420 MW.

Once in operation, the facility will produce 50% more power using no additional gas and, therefore, no further emissions.

The additional electricity will be sold to the Côte d’Ivoire government, acting through
CI Energies, under a 20-year concession.

Value
Not stated.

The project has been financed on a limited recourse basis, with 80% of the expansion funding provided by lenders, including the International Finance Corporation and European development finance institutions led by Proparco and BOAD.

The bulk of the equity funds will be contributed by Globeleq, with the remaining funds provided by its project partner, IPS (West Africa), a company that is majority-owned by the Aga Khan Fund for Economic Development.

The Multilateral Investment Guarantee Agency, a member of the World Bank Group, is providing insurance cover for some aspects of Globeleq’s investment.

Duration
The expansion project is expected to be completed in early 2015.

Latest Developments
Hyundai Engineering & Construction is the engineering, procurement and construction (EPC) contractor and will design, build and commission the expansion on a turnkey basis.

Key Contracts and Suppliers
Hyundai Engineering & Construction (EPC).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Globeleq head of Africa business development Paul Kunert, tel +44 207 234 5400.
Hyundai Engineering & Construction tel +82 2 746 1114.