AMEA Goutougo
Status: Proposed investmentWhy disclosure?
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In case of questions
We welcome feedback on this proposed investment opportunity for FMO. The ending of the proposed investment phase is indicated on the right side of this page. In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our prospective customer?
AMEA Goutougo S.A.S.U. is a single-purpose company incorporated in Ivory Coast that will develop, construct, own, operate, and maintain a 50 MWp solar power plant near Bondoukou, Côte d’Ivoire. AMEA Goutougo is owned by AMEA Power, a reputable energy and water project developer active in Asia, the Middle East, and Africa.
What is our funding objective?
FMO's senior loan of EUR 20 million will catalyze EUR 20 million from DEG and FMO's CRIAC Facility, both with a 20-year tenor. At the same time, FMO's CRIAC Facility of EUR 3.25 will mobilize a further EUR 3.25 million from DEG with a 10-year tenor. This financing will allow for the development, construction, operation, and maintenance of a 50 MWp solar farm with a total project cost of EUR 56 million.
Why do we want to fund this investment?
This project is a greenfield renewable energy development in a low-income sub-Saharan country and the first privately owned solar power project in Cote d'Ivoire. AMEA Goutougo will provide clean, reliable, and affordable electricity to a country working to expand its electricity generation and grid capacity, especially in the northern part of the country, where this project is located. Electricity generated by solar irradiation resources will have a lower price than the electricity currently generated by thermal power stations (natural gas and heavy fuel oil). FMO's tenor of up to 20 years is not available in Cote d'Ivoire's local commercial banking market and will allow the project to sell the electricity produced to the national utility company at an attractive tariff. Finally, the project will have a 100% Green label, which aligns with FMO's Sustainability strategy and mandate.
What is the Environmental and Social categorization rationale?
The E&S category of this investment is B+. Environmental and social (E&S) risks are typical for a solar power plant and are most prominent during the construction phase. The applicable IFC Performance Standards are PS 1, 2, 3, 4, 5, 6, and 8. Key risks include worker health and safety, working conditions, waste management, contractor management, community benefit sharing, and community health, safety, and security. The risks are significantly lower during the operational phase, with a limited number of on-site staff required and limited residual impacts on local communities. PS7 on Indigenous People is not applicable as there are no Indigenous peoples in the project area. The Environmental and Social Impact Assessment (ESIA), including management plans, will be finalized before construction. The ESIA will include a review of the non-applicability of PS7.
More investments
| Date | Total FMO financing |
|---|---|
| 12/18/2024 | EUR 3.25 MLN |
- Website customer/investment
- http://www.ameapower.com
- Region
- Africa
- Country
- Côte d'Ivoire
- Sector
- Energy
- Publication date
- 12/18/2024
- Deadline for feedback
- 2/16/2025
- Total FMO financing
- EUR 27.25 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+
- Translation
- https://www.fmo.nl/amea-goutougo