Globeleq Works With Partners To Expand Azito Plant
ABIDJAN, Côte d'Ivoire, March 7, 2019 /PRNewswire/ -- Globeleq, a leading independent power producer in Africa, and IPS (West Africa) a company owned by the Aga Khan Fund for Economic Development, have announced its subsidiary, Azito Energie SA, has signed an amended Concession Agreement with the Government of Côte d'Ivoire to add 250 MW to the existing Azito gas-fired power plant near Abidjan.
The existing power plant currently generates 430 MW and plays an important part in the sector. The Phase IV expansion, combined with the technical MXL2 upgrade (being undertaken during 2019 adding 30 MW to the plant's capacity), will see Azito supplying around 700 MW, or approximately 30 percent of Côte d'Ivoire's installed capacity.
Globeleq's CEO, Paul Hanrahan commented: "Our company has a wealth of experience in developing, constructing and operating power projects in Africa. We have been active in the Côte d'Ivoire energy sector, together with our partner IPS (West Africa) for more than 15 years. The Azito Phase IV tariff is one of the lowest of the country's thermal power producers and enables multiple synergies by using existing infrastructure and the expertise of its existing operational team. The Azito power plant will become one of the most reliable and efficient thermal power generation facilities in the region."
Mahamadou Sylla, CEO of IPS (West Africa) added: "This new expansion of the Azito power plant is the outcome of a long and fruitful partnership with the Ivorian State in the energy sector, which began in the late 1990's. IPS West Africa and its partners have since invested almost US$1 billion in the sector. We thank the Ivorian authorities for their renewed confidence in Azito shareholders and congratulate the Azito team whose commitment and professionalism have helped build this trust."
Côte d'Ivoire's Minister of Petroleum, Energy and Renewable Energy, Hon. Abdourahmane Cisse stated: "The signature of this amended concession agreement between Azito and the government of Cote d'Ivoire is an important step in our program for electricity generation. This decision is part of the policy to control energy on line with the plan currently implemented by the President, Alassane Ouattara. This step is specifically crucial to answer the growth of electricity demand which has been estimated at about 10%. The government of Côte d'Ivoire is also working on several other projects which will enable us to reach the objective set up by President Alassane Ouattara which is to achieve 4000MW in 2020."
The Azito Phase IV expansion is expected to reach financial close in June 2019 in accordance with the government's desired target.
About Globeleq
Globeleq is a leading developer, owner and operator of electricity generation in Africa. Its experienced team of professionals has built a diverse portfolio of IPPs, generating nearly 1,300 MW in 8 locations across 5 countries and has around 2,000 MW of power projects in development. www.globeleq.com
About IPS (WA)
Industrial Promotion Services (West Africa)-IPS(WA) is an Institution of the Aga Khan Fund for Economic Development (AKFED), focused on the development of industry and infrastructure sectors to support economic development in the countries in which it operates.
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