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The IFC and CIPREL, an independent power producer and the largest power producer in Cote d’Ivoire, partnered on a trail blazing public-private partnership to convert a gas-fired plant into a combined cycle plant. The natural gas-fired plant was developed between 1994 and 2009 and in three phases, with a recently completed financing package that will help the company to expand during a fourth stage, Ciprel IV. This fourth stage consists of a new 111 MW gas turbine and the conversion of the two latest open cycle turbines into combined cycle turbines will result in 111 MW of expanded generation.
IFC provided the Ciprel IV project with a $132.54 million loan for expansion.
By retrofitting the two most recent gas turbines, CIPREL will be able to generate an additional 800GWh/per annum of low-cost power without any incremental gas consumption and no further greenhouse gas emitted.
After the expansion, total installed capacity of CIPREL will increase to 543 MW. The additional power will improve access to electricity for Ivoirians, help meet increasing demand for electricity, sustain Côte d’Ivoire’s economic growth, and enable the country to meet its export objectives to neighboring countries in the sub-region.
Construction for the CIPREL expansion is expected to require 600 laborers and sub-contractors. Once the new facilities come online, it is expected that 50 full time jobs will be created. IFC’s involvement also represents the second major foreign investment in Cote d’Ivoire post-crisis, which should provide a significant signaling effect to encourage other private investments there.