IFC to back Kinguele Aval Hydro project
The IFC is considering providing a €33 million ($39 million) direct loan and up to $25 million from the IFC managed Canada-IFC Renewable Energy Program for Africa towards the €131 million debt financing for the Meridiam-led €175 million 35.4MW Kinguele Aval hydro PPP project in northwest Gabon.
The project company is Asonha Energie – a joint venture between Meridiam Infrastructure Africa Fund (MIAF), Meridiam Infrastructure Africa Parallel Fund (MIAPF), and the Gabon Power Company (100% owned by Gabon’s sovereign wealth fund Gabonese Strategic Investment Fund (FGIS)) – which has a 30-year concession and a PPA with the Gabonese government. The overall project financing is also expected to get backing from the African Development Bank (AfDB), the Development Bank of Southern Africa (DBSA) and the Islamic Development Bank (IDB).
