Azito 4 expansion financing progressing

Azito Energie – 77% owned by Globeleq Africa Holding Limited and 23% by Industrial Promotion Service (West Africa) – has raised DFI commitments to a €264 million ($294.8 million) loan for its €330 million 253MW Azito 4 gas-fired power extension project in Cote d’Ivoire. The expansion will bring total capacity at the plant to 710MW.

Mandated lead arranger IFC is to provide €46 million (plus a swap on the interest rate applicable to all the euro debt) and is being joined in syndication by Proparco, Western African Development Bank (BOAD) – which be providing a local currency tranche – African Development Bank (AfDB), OFID, FMO, DEG, BIO and EAIF (which will provide €28 million). Financial close is expected in September.