en.Wedoany.com Reported - China Energy Engineering Corporation's Songon Project Company signed the main financing agreement for the Songon 372 MW gas turbine investment project in Côte d'Ivoire on June 1 local time, with a syndicate of 11 banks and multilateral institutions led by Standard Chartered Bank, Standard Bank of South Africa, Pan-African Bank, and Atlantic Bank. This marks the first time a Chinese enterprise has been led by a purely international syndicate in project financing in Africa.

The Songon gas turbine power station project, invested by China Energy Engineering Corporation's Overseas Investment Company, has a total investment of approximately €659 million. It is the first energy investment project by China Energy Engineering Corporation in West Africa. With a 35-year concession period, the project will generate approximately 2.8 billion kWh of electricity annually upon completion, providing stable, clean, and efficient power security for the local area.

The syndicate comprises multiple international multilateral institutions, international and African commercial banks, and Islamic financial institutions, featuring a multi-currency, multi-tenor layered structure. This is the first large-scale non-recourse project financing case in Africa where a Chinese enterprise has been fully financed by an international financial institution syndicate and supported by European export credit insurance agencies, pioneering a new model for overseas investment financing by Chinese enterprises.

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