Conyers Dill & Pearman advised IFC, PROPARCO, BIO, DEG, EAIF, FMO and BOAD in relation to the Bermuda law aspects of the signing of the finance documents for the third phase of the Azito Thermal Plant (“Azito Phase 3”). Conyers’ lawyers Martin Lane and Veronica Strande were involved in this case.
This large-scale project, involving almost US$450 million of direct foreign investment, will enable the generation of an additional 1,000 GWh/year of electricity, without additional gas use or increased greenhouse gas emissions (due to the use of “combined-cycle” technology). The capacity of the Azito Thermal Plant will be increased to 427 MW, making it the main thermal plant in Côte d’Ivoire and one of the most important in the region. The additional low-cost energy produced as a result will allow for improved access to energy for Ivoirian citizens, as well as providing the necessary energy to support the growth of the Ivoirian economy (and that of the wider region).