The State of Côte d'Ivoire and Ivoire Hydro Energy SAS (IHE) signed on August 10, 2018 the first amendment to the concession agreement relating to the Singrobo-Ahouaty hydroelectric plant located on the Bandama River. This amendment paves the way for the financial closure of the project and the start of work, scheduled for the 4th quarter of 2018. The project will have an installed capacity of 44 MW and will include a 4 km transmission line and an electrical substation allowing annual production to be removed. estimated at 217 GWh.
The project will be carried out according to a “build, own, operate and transfer” or “BOOT” type concession scheme over a period of 35 years. The project offers a competitive electricity price and will contribute in the long term to the reduction of the average national production cost. The project is part of the Ivorian government's strategy, which aims to achieve a 42% share of renewable energy by 2030.
Initiated in 2012 by Mr Ekolan Alain Etty, Chairman and CEO of IHE, the project has since its inception favored local management and skills as well as the transfer of knowledge. The project took off when Mr Etty was joined in 2013 by Themis and then in 2015 by Africa Finance Corporation (AFC). In addition to the mobilization of risky development capital in the upstream phase of the project, these partners also brought their know-how and experience to the African electricity market. Themis, AFC and IHE Holding, a vehicle created in 2015 by Mr Etty to hold the shares of the initial shareholders of the project, will invest the equity necessary for the construction of the project, until its commercial commissioning.