Saturday, June 12, 2021

Eranove announces National Social Security Fund of Ivory Coast’s 15% stake in Atinkou power plant

The Pan-African Industrial Group Eranove announces the arrival of the National Social Security Fund (CNPS) of Côte d’Ivoire to the tune of 15% of the capital of its subsidiary, the company Atinkou (“House of Light” in the Ebrié language) which will operate a new power plant in Côte d’Ivoire.

This new step in the progress of this project comes after the agreement in March 2020 with the International Finance Corporation (IFC), a member of the World Bank Group, and the State of Côte d’Ivoire for the mobilization of the financing of 304 million euros, corresponding to the financing of the debt part, for the construction of this power plant located in Jacqueville, some forty kilometers from Abidjan , and will have an installed capacity of 390 MW in a combined cycle.

The CNPS aims to manage the social protection system for private and related sector workers and the self-employed. In this context, it collects social security contributions and serves in return for benefits.

According to the 20-year concession agreement signed in December 2018 between the State of Côte d’Ivoire and Eranove, the Atinkou power plant will use the “combined cycle” gas-steam technology, efficient in economic and environmental terms, as it reduces gas consumption and CO2 emissions and is part of the vision of the State of Côte d’Ivoire for clean energy. , quality and affordable. This plant will use next-generation turbines that save on natural gas consumption.

Up to 2,500 people will be employed locally during the construction phase of the Atinkou plant, which will eventually produce 2,875 GWh annually, equivalent to the consumption of about one million households. This project builds on the expertise and experience gained by the Eranove Group in electricity generation, including the CIPREL power plant (543 MW), 7 power plants operated by the Ivorian Electricity Company (704 MW) and projects under development in different countries (over 700 MW).

« The arrival of a new reference Ivorian shareholder such as CNPS is excellent news for this project, which is strengthening its roots in Côte d’Ivoire. It is also a strategic continuity for our group since CNPS has been in the capital of Eranove since April 2017,” explains Vincent le Guennou, Chairman of the Board of Directors of Eranove and Co-CEO of the pan-African investment fund ECP.

« The Atinkou plant shows the strength of the Eranove Group’s industrial model based on African skills and public-private partnerships involving the state and local actors. The arrival of this leading institutional partner is also a sign of confidence in our business model and ambitions, and is part of our shareholding model that mixes African shareholders, employee shareholding and international capital,” adds Marc Albérola, Chairman of the Board of Directors of Atinkou, Managing Director of Eranove Côte d’Ivoire.

Source: Agence Ecofin

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