Azito thermal power plant’s €264 Million Extension Financing

Clifford Chance advised the lenders – AfDB, BIO, BOAD, DEG, EAIF, FMO, IFC, OFID and Proparco – on the financing of the extension of the Azito thermal power plant (Azito Phase 4) in the Ivory Coast, for a total cost of €264 million euros.

The fourth phase of the Azito expansion will add to the existing plant new gas and steam turbines (for an additional 253 MW), allowing Azito to generate an additional 2,000 GWh per annum. The thermal power plant will supply more than 700 MW of power, which will be around 30% of the power installed in the Ivory Coast. The electricity produced will displace less efficient and older thermal units in the market, substantially reducing costs and emissions. The project will also contribute to meeting the growing domestic and regional demand for electricity.

Azito Phase 4 will help the Ivory Coast meet its national target of 42% renewables by 2030 by supporting grid stability and helping integrate intermittent renewables to complement the country’s hydropower base.

The new round of financing builds on the success of the Azito thermal power plant, which has been providing low-cost and base load power, while efficiently using the Ivory Coast’s natural gas endowment since 2000.

Clifford Chance intervened on this project with a Paris team including Delphine Siino Courtin (Picture) and Nikolai Eatwell, partners, Jan Burger, senior associate, and Eric Lienard, associate, on the project and financing aspects, with the support of Sohini Kar-Purkayastha and Corinne Duvnjak, counsel, in Paris as well as Christopher Starkey, senior associate, and Tom Ward, associate, in London, on the construction and operation aspects.

Involved fees earner: Jan Burger – Clifford Chance; Corinne Duvnjak – Clifford Chance; Nikolaï Eatwell – Clifford Chance; Sohini Kar-Purkayastha – Clifford Chance; Eric Lienard – Clifford Chance; Delphine Siino Courtin – Clifford Chance; Christopher Starkey – Clifford Chance; Tom Ward – Clifford Chance;

Law Firms: Clifford Chance;

Clients: African Development Bank; Belgian Investment Company for Developing Countries; Deutsche Investitions- und Entwicklungsgesellschaft mbH; Emerging Africa Infrastructure Fund; FMO – Dutch development bank; International Finance Corporation; OPEC Fund for International Development (OFID); Proparco SA; West African Development Bank;