AKFED’s IPS West Africa: Construction to commence to expand Cote d’Ivoire plant

LONDON, Oct. 22, 2012 /PRNewswire/ — Globeleq Generation Limited (Globeleq), the emerging markets power company, announces the signature of financing for the 139 MW expansion of its existing 288 MW Azito gas-to-power plant near Abidjan, Cote d’Ivoire.

Construction is expected to commence shortly, and to be completed in just over two years.  The project was financed on a limited recourse basis with 80% of the funding provided by lenders including the International Finance Corporation, European development finance institutions led by Proparco and BOAD, the West African development bank.  The majority of the equity funds will be contributed by Globeleq and the remainder by its partner in the project, IPS (West Africa), a company majority owned by the Aga Khan Fund for Economic Development.  The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group will be providing equity insurance for Globeleq’s investment.

via PR Newswire UK: Construction to commence to expand Globeleq’s Cote d’Ivoire plant — LONDON, Oct. 22, 2012 /PRNewswire/ —.