Kayes Thermal Power Plant

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The project entails the construction and operation of a 90-MW oil-fired power plant in Kayes, western Mali. It will be the West African nation’s first independent power project (IPP) to feed into the national grid. Albatros Energy Mali ("project company") will implement the project on behalf of the four sponsors, namely African Infrastructure Investment Managers (AIIM), holding the largest stake in the company at 44 per cent, Burmeister & Wain Scandinavian Contractor (8%), Investment Fund for Developing Countries (17%) and Redox Power Solutions (31%)holding the remaining 56 per cent. Once operational, power will be sold to Mali’s national utility Énergie du Mali (EDM) through a 20-year power purchase agreement. The project is being procured under a BOOT basis with a concession period of 20 years. Financial closure occurred on June 12, 2017. The project finance is structured through debt (73 per cent) and equity contribution (27 per cent). The total investment is estimated at $136.45 million, with debt amount equal to $93.91 million and equity contribution of $42.53 million. Construction of the project is scheduled to begin in July 2017 and is expected to take 16 months. BWSC was awarded a EUR 90 million ($ 100.3 million) contract to build the plant. On October 31, 2018 the plant went into operation. This action boosted the Mali's total energy production by 25 percent. African Infrastructure Investment Managers (AIIM) holds 44%; Investment Fund for Developing Countries, Redox Power Solutions and Burmeister & Wain Scandinavian Contractor hold the remaining 56%;