| Sustainable Infrastructure

Casablanca – Themis, an Africa-focussed power company backed by Denham Capital, today announced it has issued Full Notice to Proceed (FNTP) with construction of the 44MW Singrobo Hydropower Project (Singrobo, or the project).

Sponsored by a consortium including the Africa Finance Corporation (AFC) and IHE Holding, a local development company, Singrobo will begin delivering much needed electricity to the Ivorian power grid via a 35-year PPA with the national off taker, CIENERGUES in early 2023. Once completed, Singrobo will be the first hydro independent power project of its kind in West Africa.

Singrobo will deliver 217 GWh per annum of affordable power to local industries, businesses and communities, reduce CO2 emissions by 124,000 tons per annum and create around 500 jobs during construction. With total costs amounting to €195 million, Singrobo has been designed to avoid and minimize negative environmental and social impacts in compliance with African Development Bank Operational Safeguards and International Finance Corporation Performance Standards.

Tas Anvaripour, CEO of Themis said: “Themis is pleased to announce FNTP for the Singrobo project and would like to thank all our partners who have contributed to this critical milestone. This has helped the country maintain delivery of its renewable energy targets in spite of the challenges of the COVID-19 pandemic.”

Scott Mackin, Managing Partner at Denham Capital, added: “We are proud to have worked with the government of Ivory Coast, AFC, and IHE to provide long-term sustainable and affordable renewable power to the region. Like other Denham power projects across Africa and globally, Singrobo will have a significant economic and social impact via low-cost, reliable power and the creation of local jobs while supporting the country’s energy transition.”

Today’s FNTP, moves the project another step closer to completion. In 2018, Ivoire Hydro Energy secured an environmental permit and signed a concession agreement with the Government of Ivory Coast. Financial close was reached in March 2019 with Africa Finance Corporation, using an innovative bridge financing tool. Later in 2019 the project completed the implementation of relocation and biodiversity action plans and started construction of access work, camp site platforms and a river diversion facility under an Early Notice to Proceed.