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Globeleq starts Côte d’Ivoire gas power plant expansion

25th March 2013

By: Idéle Esterhuizen

  

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Construction has started on the 139 MW expansion of the Azito gas-to-power plant near Côte d’Ivoire’s capital Abidjan, British State-owned power generator Globeleq reported on Monday.

The company indicated that more than 1 000 jobs would be created at the peak of construction, while emphasis would be placed on local resourcing. Construction was expected to be completed in early 2015.

Hyundai Engineering and Construction was the engineering, construction and procurement contractor and would design, build and commission the expansion on a turnkey basis.

The plant would reach a final nominal capacity of 420 MW, which would make it one of the largest and most efficient thermal power plants in the West African country.

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

Eighty per cent of the expansion funding was provided by lenders, which included the International Finance Corporation and European development finance institutions, led by the private sector arm of French State-owned development finance institution Agence Française de Développement Proparco and the West African Development Bank.

Globeleq indicated that it would contribute the majority of the equity funds with the remaining funds to be provided by its project partner, industry and infrastructure sector developer Industrial Promotional Services (West Africa). The Multilateral Investment Guarantee Agency, a member of the World Bank Group, was providing insurance cover for some aspects of Globeleq’s investment.

“Once operating, the facility will produce 50% more power using no additional gas and, therefore, no further emissions. This success clearly demonstrates the ongoing cooperation needed by government, the international financing community and the private sectors to successfully develop the energy sector in the region,” Globeleq’s CEO, Mikael Karlsson, said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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