- Africa Finance Corporation says it has signed a joint development agreement with Ivoire Hydro Energy, an Ivorian project company, for the development of a 44megawatts hydroelectric power plant located in Singrobo, Côte d’Ivoire.
- Having been appointed as a co-project developer and financier, the bank said it would work with other developers to complete detailed technical studies and finalize the power purchase agreement. AFC in a statement said it would participate in procuring the engineering, procurement and construction contractor, lead the processes for preparing project costs, and oversee the final environmental and social impact assessment studies.
- The project development expenses will be jointly financed by the AFC and FMO, a Dutch development bank.
- The President and Chief Executive Officer, AFC, Mr. Andrew Alli, was quoted as saying, “AFC’s long-term vision is to help address Africa’s infrastructure deficit and ensure sustainable economic growth for the continent.
“We are delighted to be appointed as the lead developer in this transformational regional infrastructure power project, which will not only provide the opportunity to apply AFC’s differentiated model of providing long-term infrastructure financing, value-added infrastructure asset project development expertise and importantly deliver bankable projects, but also accelerate regional integration by bridging the power deficit in West Africa, and making an economic difference in the development of the sub-region”.