Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF), today announced a €25 million finance facility to Ivoire Hydro Energy (IHE), which will build a 44MW hydro electricity generation plant on the Bandama River near the village of Singrobo in Côte d’Ivoire.
EAIF’s long-term financing package enables IHE to achieve financial close for the project, catalysing the design, construction and operation of the power plant and associated infrastructure and boosting rural access to clean energy.
The new plant will be an essential strategic economic asset for Côte d’Ivoire, where electrification rates range from 88% in urban areas to as low as 31% in rural parts of the country. By displacing expensive peak-time diesel production and reducing CO2 emissions by 124,000 tons per annum, the plant is also integral to the government’s efforts to achieve the UN’s Sustainable Development Goals on Climate Action (SDG 13) and on Affordable and Clean Energy (SDG 7).
The construction of the plant – as well as 3km of access roads and a 4km 90 kV transmission line and substation to connect the hydropower plant to the existing Taabo-Agboville transmission line – will generate over 500 jobs.
Paromita Chatterjee, Investment Director at Ninety One, the fund manager for EAIF, noted: