Ivoire Hydro Energy (IHE) has received Euro 25 million from the Private Infrastructure Development Group’s Emerging Africa Infrastructure Fund (EAIF). The money will be used to build the Singrobo hydropower dam in Southern Ivory Coast. Then loan was issued with a 25-year repayment option. IHE, the project developer, will receive the funds, in addition to other sources of funding that have previously been secured.
The African Development Bank, which has also been appointed as arranger in the financial mobilisation for the project, is also lending money to build the Singrobo dam. IHE is additionally supported by the African Finance Corporation and the German Investment Corporation. The aforementioned investors will provide 75 per cent of the money required to complete the hydroelectric project, totaling 174 million euros. IHE’s shareholders, Themis, AFC, and IHE Holding, a local development business, will supply the remaining 25 per cent of the cash.
The new Singrobo plant will be the country’s first hydropower project created by an independent power producer. The IHE expects to complete project financing by the end of the third quarter of 2021. Eiffage has been awarded the contract to construct the 36-month project. The French group intends to construct a 23.50m high and 1,374m long mixed rock and concrete dam, creating a 105 million m3 reservoir.
Eiffage will also construct the discharge channel for the power plant, the 90 kV switchyard, the 3 km line connecting the power plant to the grid, temporary facilities, and access roads as part of the contract. The dam and power plant are scheduled to be completed in 2023. Under a 35-year power purchase agreement, the power plant’s output will be sold to the Ivorian electricity company.