The closing of the financing of around 60 billion CFA francs for the Kékéli Efficient Power thermal power plant in Togo took place on July 10, 2020, announced the co-arrangers Oragroup and the West African Development Bank (BOAD).

Developed by the pan-African industrial group Eranove, the Kékéli Efficient Power thermal power plant will have an installed capacity of 65 MW and will operate in a combined cycle, making it possible to produce more electricity without additional gas consumption and by limiting CO2 emissions.

Orabank Togo, the subsidiary of the Orabank banking group, is also involved in the project as security agent, bank account holder and lender, with the West African Development Bank, within a banking pool also including Africa Finance Corporation (AFC), Banque Atlantique Togo, International Bank for Africa in Togo (BIA Togo) and NSIA Banque Benin. ATTIJARIWAFA BANK Morocco is the credit agent for the financing while a liquidity extension guarantee has been granted to commercial banks by the GuarantCo fund, an institution providing guarantees in local currency for the financing of infrastructure in Africa.

The co-arrangers and lenders were assisted in the project by Naciri & Associés Allen & Overy and Monnatt (legal and local counsel respectively), Energy Consulting Group (technical counsel), Marsh (insurance ), Mazars (auditor of the financial model and development costs) and ERM (environmental and social consulting).

Mr. Ferdinand NGON KEMOUM, Managing Director of Oragroup, declared: "The Orabank group is proud to have contributed to the structuring and financing of such a large-scale project which is part of the electrification strategy of the Togo, which is aiming for access to electricity for all by 2030. This pride is all the greater as it is the first time in the region that such financing has been carried out by African financial institutions in a proportion large in CFA francs (70%) and with such an innovative guarantee mechanism. The Orabank group therefore intends to continue this leadership position in the support and financing of infrastructure projects in its countries of presence in Africa, on the right line with its strategic vision of being an actor in the economic and social development of Africa".

Mr. Christian ADOVELANDE, President of BOAD declared: "The role of arranger and lender played by BOAD in the framework of the Kékéli project is in line with the Bank's support for the energy sector of the African Economic and Monetary Union (UEMOA), in perfect coherence with the actions carried out within the framework of the Regional Initiative for Sustainable Energy (IRED). In addition, BOAD confirms through this project its ability to federate the local commercial banks around strategic infrastructure projects, particularly in the context of public-private partnerships."

About Oragroup

Oragroup is present in 12 countries in West and Central Africa (Benin, Burkina Faso, Ivory Coast, Gabon, Guinea Conakry, Guinea Bissau, Mali, Mauritania, Niger, Senegal, Chad, Togo) and in four monetary zones (UEMOA, CEMAC, Guinea Conakry, Mauritania). With 157 bank branches and 2,015 employees, Oragroup offers more than 500,000 customers (large companies, national and international, SMEs and individuals) a wide range of banking products and services based on the principles of proximity and responsiveness. Working for financial inclusion through the deployment of innovative solutions, Oragroup focuses on segments of the population hitherto neglected. This commitment is reflected in its CSR approach, which is an integral part of its strategy and a priority for its governing bodies, centered around energy transition, the management of environmental and social risks, and the well-being of the public and its employees. . For more information, please visit www.orabank.net or on LinkedIn, @Groupe Orabank on Twitter, Facebook, Instagram, YouTube. Also discover KEAZ, the new digital platform of the Orabank group.

About the West African Development Bank

The West African Development Bank is the development financing institution of the member states of the West African Economic and Monetary Union (UEMOA). Created in 1973, its shareholders include, to date, the eight member states of WAEMU, their central bank (the Central Bank of West African States-BCEAO), and several international institutions and non-regional states, notably, the African Development Bank (AfDB), the European Investment Bank (EIB), the KFW, France, Belgium, China, India, and Morocco, etc. It is rated 'Baa1' with a stable outlook by Moody's and 'BBB' with a stable outlook by Fitch. Its headquarters are located in Lomé, Togo. For more information: www.boad.org and on Twitter, Facebook, Instagram, LinkedIn and YouTube.