Biovea Receives USD 200 Mn From Proparco, AFD & EAIF

Cote d’Ivoire’s Biovea biomass power plant project has just received EUR 165 million (USD 200 Mn) in loans from Proparco, AFD, and EAIF to use it to convert oil palm waste into electricity. The project is being developed by Biovea Energie, a company owned by Électricité de France (EDF), Meridiam, and Biokala, a joint venture created by Meridiam Ivorian industrial group Sifca.

Under the terms of the agreements, Proparco and EAIF will contribute EUR 165 million (USD 200 Mn) in debt and EUR 13 million (USD 16 Mn) in grants, accounting for 77% of the overall project cost of EUR 232 million (USD 282 Mn). The shareholders of Biovea Energie will provide the balance.

The Ivorian government has already signed a 25-year concession agreement with Biovea Energie. The majority shareholder EDF (EDF) will be responsible for the future plant’s construction under the biomass power plant project. During the plant’s lifetime, Biokala will be in charge of managing the biomass supply chain.