Dakar, Senegal, August 19, 2013 — IFC,
a member of the World Bank Group, as lead arranger and global coordinator,
has completed a €200 million financing package for the expansion of the
CIPREL thermal power plant in Côte d’Ivoire, helping improve access to
energy in the country.
CIPREL is currently undertaking a major expansion plan composed of an additional
111 MW gas turbine (Phase 4A) and the conversion to combined cycle of its
two latest gas turbines, which will add a further 111 MW capacity via a
steam turbine (Phase 4B). Phase 4B will enable CIPREL to generate an additional
800GWh/per annum of low-cost power without any incremental gas consumption
and no further greenhouse gas emitted. Total cost of the two investments
amounts to €350 million.
For CIPREL Phase 4B, IFC is providing a €100 million loan. PROPARCO and
AfDB are each providing €50 million loans.
“With this expansion, CIPREL will continue to provide Cote d’Ivoire with
what it needs most after a difficult few years, that is reliable, clean
and low cost electricity that will enable the country to capitalize on
its economic dynamism and lead to sustainable development,” said Bernard
Kouassi N’Guessan, CIPREL’s CEO.
“With this investment, Finagestion is thrilled to support its flagship
subsidiary in the power generation sector CIPREL, which has become a reference
for technical, operational and financial excellence not only in Cote d’Ivoire
but in Africa. We are extremely pleased to have been able to sign the financing
with such a committed group of financiers,” said Marc Alberola, CEO of
After the expansion, total installed capacity of CIPREL will increase to
543 MW – making it the largest power plant in Côte d’Ivoire and one of
the most important in the region. The additional power will improve access
to electricity for Ivoirians, help meet increasing demand for electricity
and sustain Côte d’Ivoire’s economic growth, and enable the country to
meet its export objectives to neighboring countries in the sub-region.
“CIPREL and the Government of Cote d’Ivoire have put in great effort
into making this important investment. We are pleased to continue
our support to CIPREL, a company that is taking important steps to help
address the electricity needs of the country and the region,” said Yolande
Duhem, IFC Director for West and Central Africa.
Increasing access to power is at the heart of IFC’s strategy for infrastructure
development in sub-Saharan Africa. IFC invested over $1 billion in
infrastructure projects in Africa in fiscal year 2013, up from $200 million
five years ago.
CIPREL was incorporated in July 1994 as the first independent power producer
in Cote d’Ivoire, to develop a gas-fired power station near Abidjan. It
started its operations in March 1995 with a first tranche comprising three
gas turbines with an individual capacity of 33 MW. A second tranche (open
cycle), representing an additional 111 MW in generation capacity, was added
in June 1997. A third tranche with an additional 111 MW in generation capacity
(open cycle) was added in December 2009.
Finagestion S.A., which owns 83% of CIPREL, is a diversified utilities
group with substantial experience in the electricity and water sectors
in Cote d’Ivoire and Senegal.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit