The Africa Finance Corporation (AFC) has concluded a joint venture development contract agreement with Ivoire Hydro Energy SA (IHE) for the construction of the 44MW Singrobo hydroelectric power plant (Singrobo) in Côte d’Ivoire.
The corporation has been appointed as the financier and co-developer of the Singrobo hydroelectric power plant project, working with hand in hand with other selected developers to conclude the technical studies and finalize the Power Purchase Agreement (PPA). The project developers will also be responsible for the final environmental and social Impact assessment studies, procuring the required engineering equipment and handle the project cost as well as hiring the project contractor.
However, the Singrobo hydroelectric power plant cost will equally be shared by the AFC and the Dutch development bank– (FMO) whereby the FMO will invest US$3m of the total cost as the AFC completes the remaining amount of US$3m toward the hydropower project. Nonetheless, the 2 chosen project financier who are the AFC and the FMO will have a further opportunity to acquire more equity share with the IHE.
According to the President and Chief Executive Officer of AFC, Andrew Alli, the corporation has a goal to address Africa’s infrastructure challenges and help to ensure sustainable economic growth for the continent. He further expressed his gratitudes on behalf of the corporation for being given the long-term opportunity to be part of the infrastructure transformation for Côte d’Ivoire as well as bridging the power challenges in West Africa and initiate a difference economy as far as the development of the sub-region is concerned.
Once the project is complete and in full operation, the generated power will be transmitted from a 11/225 KV switchyard, through the proposed 225 kV circa 4 km transmission line from Singrobo to the 225KV transmission line in Taabo-Abidjan. Under the management of the Ministry of Energy and Petroleum Products, The project is entitled to a 35 years take or pay PPA with Ci-Energies, Côte d’Ivoire’s public utility company.
