The African Development Bank Group's Vice-President for Power, Energy, Climate and Green Growth, Dr. Kevin Kariuki, on Thursday 24 February accompanied the Ivorian Minister of Mines, Petroleum and Energy, Thomas Camara, on an inspection tour of the 44MW Singrobo-Ahouaty Hydroelectric Power Project. They were joined on the site visit by the Bank's Director General for West Africa, Marie-Laure Akin Olugbade.
The African Development Bank is the mandated lead arranger for the project, which is located about 140 kilometers north of Abidjan. The Bank is mobilizing €130 million for the project, which is 40% complete, thanks to a €150 million bridge loan approved in 2019 by the Africa Finance Corporation, which is both a financier and co-developer.
"The African Development Bank is very happy to be associated with the project, which will be the first privately financed hydropower project in the West Africa region," said Kariuki. He said the project would reduce Côte d'Ivoire's carbon emissions by 109,561 tons of CO2, thereby supplementing the country's efforts to combat climate change.
Three years after commencement of works, the general installations have been completed, and the earthworks and civil engineering are in progress. Meanwhile, the turbines are being manufactured and expected to be delivered during the course of 2022.
"We are happy and proud to see the progress of the construction of the dam. We look forward to its commissioning," said Minister Camara, stressing the importance of infrastructure in the economic development of Côte d'Ivoire. "This infrastructure is important for Côte d'Ivoire for two reasons: first is that our country intends to respect its commitment to achieve an energy mix that is 45% renewable energy by 2030. The second is the strengthening of our energy capacity."
Implemented by the local developer Ivoire Hydro Energy, the Singrobo-Ahouaty hydropower plant will have an installed capacity of 44 MW. It will be built on the Bandama River, near the villages of Singrobo and Ahouaty. It will provide clean, affordable peak production capacity in Côte d'Ivoire.
The project's sponsors include Africa Finance Corporation, the pan-African finance institution based in Lagos; Neo Themis, a Denham Capital-backed private equity firm based in Casablanca; and IHE Holdings an Ivorian investment company led by Alain Ekolan Etty, the initial and local sponsor of the Project. Henri Argenson, Director at Neo Themis, who was present during the visit, said: "All project stakeholders, from sponsors to contractors, lenders, government and local authorities, are currently mobilized to ensure an effective delivery of this pioneering project."
The plant is being built by Eiffage, a leading French civil works company that was selected following an international competitive bidding process. Construction began in 2019 and commissioning is expected in the first half of 2023.
In 2015, Alain Ekolan Etty, President of IHE, won the first prize at the second edition of the West Africa Clean Energy Financing Forum (WAFCEF2), initiated by the African Development Bank. The project company was then working on the technical, environmental and social studies required to develop the project and reach financial close. The project is being implemented in compliance with the African Development Bank Operational Safeguards and IFC Performance Standards.
