Ivoire Hydro Energy (IHE), which will construct a 44MW hydroelectric power generation plant on the Bandama River close to the village of Singrobo in Côte d’Ivoire, received a €25 million finance facility from the Emerging Africa Infrastructure Fund (EAIF), a company of the Private Infrastructure Development Group (PIDG).
In Côte d’Ivoire, where electrification rates range from 88% in urban areas to as low as 31% in rural areas, the new plant will be a crucial strategic economic asset.
All of the energy generated by the Singrobo plant will be sold to Compagnie Ivoirienne d’Electricité, which runs the nation’s grid in Côte d’Ivoire, under a long-term power purchase agreement.
In addition to increasing economic productivity and bridging the energy access gap for rural areas, the plant’s flexible operating model improves grid resilience, meaning it may be called in to meet baseload and peak demand.
The African Development Bank (AfDB) acted as the mandated lead arranger of the debt finance and will be a senior lender in its own right.