Abidjan, Côte d'Ivoire, 30 June 2015 -- Azito Energie SA (“Azito”) today celebrated 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 Alassane Ouattara, President of the Republic of Côte d’Ivoire, Prince Rahim Aga Khan, son of His Highness the Aga Khan (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, providing 25 percent of Côte d’Ivoire’s electricity capacity.
The newly built Phase 3 adds 10 percent more affordable and reliable electricity to the country.
Phases 1 and 2, which comprised of two simple cycle gas turbines (145 MW each), 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 US$ 615 million. Phase 3 was financed by shareholder equity (Globeleq and Industrial Promotion Services West Africa (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 percent 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.”
Côte d’Ivoire, Francophone West Africa's largest economy, has been inhibited by a lack of dependable electricity infrastructure even as it emerges as a regional power hub. The need for reliable and efficient power supplies has become increasingly urgent, as the country's economic growth is dependent on it. The Azito Power Plant will help address this need.
The Azito power plant is located close to Abidjan, the Ivorian capital, 6 kilometres from the port. The plant has been in operation since 1999. The original simple cycle facility
of 290 MW has been converted to a 430 MW CCGT power plant via the addition of a condensing steam turbine, which are powered by the gas turbines' exhaust heat. This has increased electricity output by almost 50 percent, with no incremental gas consumption. In addition to increased energy efficiency, CCGT technology also reduces emissions.
About the shareholders
Globeleq is an experienced operating power company, actively developing energy projects for the emerging markets of Africa and the Americas. The company develops economically sustainable businesses that support the continued development of the electric power sector in these regions and actively participates in the communities in which it operates.The company was launched in 2002 and has become a power industry leader in the emerging markets by operating or acquiring interest in multiple power facilities totalling nearly 14,000 MW of generation capacity in more than 27 countries.
Industrial Promotion Services West Africa (IPS(WA)) is a subsidiary of the Aga Khan Fund for Economic Development (AKFED)dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED operates as a network of affiliates with more than 90 separate project companies employing over 47,000 people, with revenues of US$ 3.5 billion in 2013.
IPS(WA) and AKFED are parts of the Aga Khan Development Network (AKDN). The AKDN works in 30 countries around the world. It employs approximately 80,000 people, the majority of whom are based in developing countries. The AKDN’s annual budget for non-profit development activities is approximately US$ 600 million. Each of the agencies work to improve the welfare and prospects of people in the developing world, particularly in Asia and Africa.
Azito Energie: SA Angela Ezaley +225 22 40 02 40
Brand Communications: Lynette Lambert +44 207 638 6856 (London)
AKDN Communications: Shahed Karim +33 3 44 58 4000