ABIDJAN, Côte d’Ivoire. - Wednesday, July 1st 2015 [ME NewsWire]

(BUSINESS WIRE)-- Azito Energie SA (‘Azito’) today celebrates the commercial start-up of Phase 3 of its 430 MW combined-cycle gas turbine (‘CCGT’) Power Plant in Abidjan with an onsite inauguration ceremony held in the presence of His Excellency, President Alassane Ouattara, President of the Republic of Côte d’Ivoire.

Azito is now one of the most modern, efficient power plants in West Africa and will provide one-quarter (25%) of Cote d’Ivoire’s current total electricity capacity.

The newly built Phase 3 of the Azito Power Plant adds ten percent (10%) more affordable and reliable electricity to the country.

Including the recent capacity expansion, the total investment in the Azito Power Plant amounts to USD615 million. Phase 3 was financed by shareholder equity, and loans from international and bilateral development agencies.

Hyundai Engineering and Construction Co Ltd, the engineering, procurement and construction contractor, completed the expansion earlier in 2015. During the peak of construction, the plant’s expansion created more than 1,300 jobs of which more than 60% were met by local employment.

The CEO of Globeleq, Azito’s major shareholder, Mikael Karlsson, commented: “This clearly demonstrates what can be achieved when governments, the international financing community and the private sector act in close cooperation to develop sub-Saharan Africa’s energy sector. Azito provides a blueprint for the development and financing of similar power projects, both in Côte d’Ivoire and West Africa as a whole.”

Luc Ayé, Azito's CEO said: “The scale of this power plant is indicative of the Government’s ambitions for Côte d’Ivoire. I would like to thank the Prime Minister and the Minister of Petroleum and Energy, our shareholders -Globeleq and IPS WA, a subsidiary of the Aga Khan Funds for Economic Development, AKFED - and financial partners for sharing our vision and ambition in bringing such a landmark power project to fruition, not forgetting the entire project team.”

- ENDS -

Notes to the Editors

Côte d’Ivoire, Francophone West Africa's largest economy, is an emerging regional power hub that has been in urgent need of increased reliable and efficient power supplies to stimulate the country’s economic growth.

The Azito Power Plant will contribute to the industrialisation of the country, which has been inhibited by a lack of dependable electricity infrastructure.

About Azito

The Azito power plant is located close to Abidjan, the Ivorian capital, at 6 km from the port. The plant has been in operation since 1999. The original simple cycle facility of 290 MW has been converted to a 430 MW CCGT power plant via the addition of a condensing steam turbine, powered by the gas turbines exhaust heat. This has increased electricity output by almost 50%, with no incremental gas consumption. In addition to increase energy efficiency, CCGT technology also reduces emissions. For more information, visit azitoenergie.com.

Contacts

Azito Energie SA

Angela Ezaley

+225 22 40 02 40

Brand Communications (London)

Lynette Lambert

+44 207 638 6856

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