This summary covers the applications by Globeleq Holdings (Cote d’Ivoire) B.V. of Netherlands (Globeleq) and Azito Energie Holding of Cote d’Ivoire, which is owned by Industrial Promotion Services (IPS) and the Aga Khan Fund for Economic Development (AKFED), for their equity and shareholder loan investments in the Azito Thermal Power Plant in Côte d’Ivoire. The investors seek cover for up to approximately US$225 million (or its euro equivalent) against the risk of breach of contract for a guarantee period of up to 20 years. Globeleq is an existing guarantee holder for its equity investment made in the existing Azito Thermal Power Plant (pre-Phase IV). Click to read the previous project disclosure.
The project involves the existing Azito Thermal Power Plant (Phases I and II), its conversion from simple-cycle to combined-cycle (Phase III), and its expansion (Phase IV). The Phase III conversion included the addition of a steam turbine generator and heat recovery systems, as well as the facilities and equipment required to connect the generator to the plant’s 225 kV substation. With Phase III, the project added approximately 140 megawatts (MW) of installed capacity to the grid without requiring any additional gas supply. The Phase IV expansion will include the addition of a gas turbine and a steam turbine with air-cooled condenser along with a new substation to allow connection at either 225kv or 400 kv. The Phase IV will add 253 MW of capacity to the existing plant for a total plant installed capacity of approximately 680 MW (710 MW after the completion in 2019 of the upgrade of the existing phase I and II gas turbines to MXL2 blading). The project includes the upgrade of the existing 225kV substation as well as a new 400kV substation, to make sure the power generated from the full CC plant can be evacuated at either 225 kV or 400kV voltage level.
The project is a Category B under MIGA’s Policy on Environmental and Social Sustainability. Click to view the Environmental and Social Review Summary prepared by the International Finance Corporation (IFC) for their investment in the project. MIGA and IFC intend to present the project for consideration jointly to their Boards of Executive Directors.
The Azito Thermal Power Plant will provide increased affordable, reliable, and efficient baseload power to help meet growing energy demand in Côte d’Ivoire and in neighboring countries to which Côte d’Ivoire exports electricity. The project is aligned with the World Bank Group’s Country Strategy for Côte d’Ivoire which stresses power infrastructure as the key driver of industrialization and inclusive development. Support for the project also aligns with MIGA’s strategic focus on International Development Association countries and conflict-affected countries.