Financial closure of the Singrobo-Ahouaty project
Published on 12 Dec 2020

Ivoir Hydro Energy (IHE) is pleased to announce the financial closure of the Singrobo-Ahouaty hydroelectric development project (SAHP) through a bridging loan contracted with the Africa Finance Corporation (AFC), the institution leading infrastructure development fund in Africa, for a total investment of around € 190 million.

Regarding the bridging loan, AFC CEO Samaila Zubairu commented: “The Singrobo-Ahouaty hydropower project is an example of AFC's goal to support Africa in unlocking its economic potential while achieving attractive returns for our shareholders. As our first equity investment in an independent power producer (“IPP”) and our first equity investment in the energy sector in a French-speaking country, the SAHP is an optimal step in the diversification of the energy portfolio of the 'AFC, to develop our turnover and extend our reach to all of French-speaking Africa.

" Ms. Tas Anvaripour, Managing Director of Themis, said: “Themis is proud to have contributed to the success of SAHP, the first hydroelectric IPP to close funding in West Africa. Themis joined the initial developers of the project in 2013 when it was only at the feasibility stage. The complementary skills between the local sponsor, AFC and Themis were a key success factor of the project.

" Mr. Ekolan Alain Etty, majority shareholder of IHE Holdings, said: “I am pleased to see that SAHP is entering a new phase in its development. Since the beginning of my professional engineering career in 1981, I have witnessed the opportunities that present themselves to a country through electrification. Electricity alone is not enough today. We need an economical, renewable and sustainable source of energy so that development is inclusive and not hostile to the environment. The Singrobo-Ahouaty hydroelectric project meets all of these objectives. "