Azito Inaugurates Côte d’Ivoire’s 1st Operational CCGT Power Plant

Source: 6/30/2015, Location: Africa

Azito Energie SA (Azito) celebrates the commercial start-up of Phase 3 of its 430 MW Combined Cycle Gas Turbine (CCGT) Power Plant in Abidjan with an onsite inauguration ceremony held in the presence of His Excellency President Alassane Ouattara, President of the Republic of Côte d'Ivoire, Prince Rahim Aga Khan, son of His Highness the Aga Khan who is the founder and chairman of the Aga Khan Development Network and Globeleq executives led by Mikael Karlsson, CEO of Globeleq.

Azito is now one of the most modern, efficient power plants in West Africa and will provide one-quarter (25%) of Côte d'Ivoire's current electricity capacity.

The newly built Phase 3 adds ten percent (10%) more affordable and reliable electricity to the country.

Phases 1 and 2 constituted of two simple cycle gas turbines (145 MW each) which have been in commercial operation since 1999 and 2000, respectively. Including the recent capacity expansion (Phase 3), the total investment in the Azito Power Plant amounts to USD 615 million. Phase 3 was financed by shareholder equity (Globeleq and IPS (WA), a subsidiary of the Aga Khan Fund for Economic Development-AKFED), and loans from international and bilateral development agencies.

Hyundai Engineering and Construction Co Ltd, the engineering, procurement and construction contractor, completed the expansion earlier in 2015. During the peak of construction, the plant's expansion created more than 1,300 jobs of which more than 60% were met by local employment.

The CEO of Globeleq, Azito's major shareholder, Mikael Karlsson, commented: “This clearly demonstrates what can be achieved when governments, the international financing community and the private sector act in close cooperation to develop sub-Saharan Africa’s energy sector. Azito provides a blueprint for the development and financing of similar power projects, both in Côte d’Ivoire and West Africa as a whole.”

Luc Ayé, Azito's CEO said: “The scale of this power plant is indicative of the Government's ambitions for Côte d'Ivoire. I would like to thank the President, the Prime Minister and the Minister of Petroleum and Energy, our shareholders-Globeleq and IPS (WA)-and financial partners for sharing our vision and ambition in bringing such a landmark power project to fruition, not forgetting the entire project team.”

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