Financing for the Singrobo-Ahouaty 44-megawatt hydropower project in Côte d’Ivoire has reached financial close with the African Development Bank Group as mandated lead arranger.

The financing package is made up of €40 million from the Bank Group, with additional financing from the Africa Finance Corporation, the German Investment Corporation (Deutsche Investitions-und Entwicklungsgesellschaft—DEG) and the Emerging Africa Infrastructure Fund (EAIF).

Developed by AFC, Themis(link is external)—a Denham Capital-backed company—and local sponsor Ivoire Hydro Energy Holding, Singrobo-Ahouaty is the first hydro independent power producer project to be developed by a local sponsor in Côte d’Ivoire. The plant, located on the Bandama River, 150 kilometers from Abidjan, will connect rural inhabitants in the surrounding villages to the national grid. It will improve power supply reliability and reduce dependance on fossil fuels during peak demand periods.

The project, which aligns with the African Development Bank’s New Deal on Energy for Africa, will increase energy access for the population and the share of renewables in Côte d’Ivoire’s energy mix.