Eranove is expected to be the main shareholder of the newly incorporated special purpose vehicle (“SPV”) Atinkou S.A. Eranove currently owns 100% of the share capital of Atinkou though the GoCI has the option to purchase up to 15% of shares and other shareholders might join at a later stage. Eranove is a pan-African industrial group that manages and provides technical oversight to its subsidiaries in Côte d’Ivoire and Senegal. Eranove is a leader in public entities and a project developer committed to the development of electrical power generation across West and Central Africa, with specific focus on operation and maintenance of the power plants it develops. Eranove is 53%-owned by private equity fund ECP II, 18% by AXA, 5% by Ivorian national pension fund CNPS, 9% by African private investors (none of which individually owns more than 5% of Eranove), while the 15% remaining belongs to its managers and staff.

The Project estimated total cost is approximately EUR 400 million financed with c. EUR 100 million in equity and c. EUR 300 million in debt. The proposed IFC investment includes an IFC A loan and client risk management instruments (interest rate hedging) for an aggregate amount of up to EUR 120 million. In addition, IFC will be mobilizing the remaining balance of the required debt amount for the Project through a combination of parallel and B loans. The Project might be supported by the Risk Mitigation Facility (“RMF”) of the IDA18 IFC-MIGA Private Sector Window (“PSW”), created by the World Bank Group to catalyse private sector investment in IDA countries, with a focus on fragile and conflict-affected states.

 The Project is located on a greenfield site in Jacqueville, c. 50 km west of Abidjan, Côte d’Ivoire.

 This is a Category A project per IFC’s Policy on Environmental and Social Sustainability due to the potentially significant, diverse, and irreversible environmental and social risks and impacts associated with the project. Key social, environmental, health and safety impacts associated with this project include: influx; physical and economic displacement; air emissions; operation phase noise; solid waste management; water use and discharge; storm water drainage; labor and working conditions; and worker and community health and safety during construction and operations. The project areas are associated with Critical Habitat under Performance Standard 6.