From left to right: Vincent Le Guennou (co-CEO of Emerging Capital Partners) and Marc Albérola (CEO of Eranove)

The Pan-African Industrial Group Eranove, the International Finance Corporation (IFC), a member of the World Bank Group, and the State of Côte d'Ivoire have signed the agreements and all the documentation for the mobilization of the financing of 404 million euros for the construction of a new power plant in Côte d'Ivoire. The so-called Ciprel V plant, run by the company Atinkou (“House of light” in the Ebrié language), is located in Jacqueville, about forty kilometers from Abidjan, and will have an installed capacity of 390 MW in the combined cycle.

According to the 20-year concession agreement signed in December 2018 between the State of Côte d'Ivoire and Eranove, the Atinkou power plant will use gas-steam "combined cycle" technology, efficient in economic and environmental terms, because it makes it possible to reduce gas consumption and CO2 emissions and is part of the vision of the State of Côte d'Ivoire of clean, quality energy at an affordable cost. Indeed, this power plant will use new generation turbines which allow savings on the consumption of natural gas.

Up to 2,500 people will be employed locally during the construction phase of the Atinkou plant, which will eventually produce 2,875 GWh annually, equivalent to the consumption of around one million households.

This project is based on the expertise and experience acquired by the Eranove Group in the production of electricity.

As lead arranger and general coordinator, the International Finance Corporation (IFC) organized all the debt financing which, in addition to IFC, is provided by the African Development Bank (AfDB), the Netherlands (FMO), the German Cooperation Bank (DEG), the Emerging Africa Infrastructure Fund (EAIF) and the OPEC Fund for International Development (OPEC Fund).

"In accordance with the instructions of HE the President of the Republic, the Ivorian Government, under the leadership of the Prime Minister, is committed to making Côte d'Ivoire the energy hub of the Sub-Region by 2030, with an energy mix of 42% renewable energies, while providing quality energy at an affordable cost. The Atinkou project is part of this vision. It will also contribute to promoting local content through the use of our local SMEs and the creation of 2,500 direct and indirect jobs during the construction phase, and 100 direct jobs during the operation phase", indicates Abdourahmane Cissé, Minister Ivorian Petroleum, Energy and Renewable Energies.

“The Atinkou plant shows the strength of the Eranove Group's industrial model based on African skills and public and private partnerships involving the State and local players. Atinkou also confirms the leading position of the Eranove Group as an independent producer and delegated manager of public services. We thank the State of Côte d'Ivoire, our shareholders and in particular ECP, IFC and all the lenders for their trust and support. This new power plant will support public policies aimed at facilitating access to electricity in Côte d'Ivoire and meeting national and regional electrical energy needs generated by strong economic growth," said Marc Albérola, Director General of the Eranove Group.

"The signing of the financing agreements for the Atinkou plant opens the use of a new generation of combined gas-steam cycle, even more efficient from an economic and environmental point of view with a significant reduction in CO2 emissions", adds Bernard Kouassi N 'Guessan, CEO of Atinkou and Chairman of the Board of CIPREL.

“Once built, Atinkou will provide power to thousands of homes and businesses, while helping Côte d'Ivoire achieve its goal of transitioning to greener electricity generation. IFC's investment in the project demonstrates IFC's long-standing commitment to Côte d'Ivoire's power sector, which began in 1994, when our partnership with CIPREL began,” said Linda Rudo Munyengeterwa, Middle East and Africa Regional Director for Industry, Infrastructure and Natural Resources at IFC.