Biovéa Energie SA and the Ivory Coast have signed a 25-year concession contract for the construction and use of a new biomass power plant in Ayebo.
The project, which is expected to cost over €200 million and open its doors in 2023, would be the first biomass power plant of the Ivory Coast and the biggest plant of its kind in Africa. Construction is planned to commence mid-2020.
Led by Pascal Agboyibor, ASAFO & Co. is advising Biovéa Energie SA and its sponsors both in Paris and in Abidjan. The power plant project is part-owned by the French companies EDF (40% share) and Meridiam (36%). The remainder belongs to Ivorian biomass producer Biokala SA.
The Ivory Coast and the different public sectors involved in the project have relied on Hughes Hubbard & Reed for consultancy, while prospective lenders have been advised by Linklaters’ Paris team.
According to Pascal Agboyibor, managing partner at Ayabo & Co. the project will not only speed up the country’s renewable energy transition but also foster economic development in the region and promote the local agricultural sector through an extensive demand for locally produced raw materials such as palm oil.