The 44 MW Singrobo hydropower plant in Côte d’Ivoire, which was supported by the African Development Bank, won the Power Deal of the Year award at the IJGlobal Awards.
Singrobo (also called Singrobo-Ahouaty) was the first hydropower IPP and private sector-funded climate action investment to reach financial close in West Africa, in December 2022. The bank played the Mandated Lead Arranger role for the Singrobo hydropower plant. The bank financed €40 million (US$43.4 million) out of the total cost of €174.3 million ($189.1 million).
Currently under construction, the project comprises the design, development, operation and transfer of a hydroelectric plant on the Bandama River, and a 3.5-km-long transmission line and substation to evacuate power.
The facility, about 150 km north of Abidjan, could supply electricity to 100,000 households and reduce Côte d’Ivoire’s CO2 emissions by 109,000 tons annually. The project will create 500 jobs during the construction phase, including 150 skilled jobs, and 28 jobs during the operational phase.
A long-term power purchase agreement will see all the energy produced by the Singrobo plant sold to Compagnie Ivoirienne d’Electricite, the operator of Cote d’Ivoire’s national grid. Upon completion, the plant will contribute to Côte d’Ivoire’s energy goal of generating 42% of its electricity from renewable sources by 2030.
Hydro Review reported that the Singrobo-Ahouaty hydropower plant project achieved a 78.93% completion rate as of the end of March 2023, according to the African Development Bank.
Wale Shonibare, the Bank’s Director for Energy Financial Solutions, Policy & Regulation, said the award is “a recognition of our continued efforts to deliver green, affordable, quality energy access to Africa, in line with the bank’s energy and green growth agenda. We are encouraged to continue mobilizing private sector finance, and delivering innovative financial solutions that facilitate just energy transitions and address the unique financing needs of our regional member countries.”
The IJGlobal independent, peer-reviewed awards recognize notable global greenfield and refinancing deals in infrastructure and energy and the organizations that made them happen.
Full article reference: https://www.hydroreview.com/business-finance/finance/singrobo-hydropower-plant-wins-power-deal-of-the-year-award/