ABB wins US$ 150-million private power orders in Ivory Coast

ABB joint venture building turnkey gas-fired power plant and transmission line

Zurich, Switzerland, December 16, 1998 - ABB, the international engineering and technology group, announced today it is building a turnkey, 288-megawatt gas-fired power plant and a 225-kilovolt transmission system in Ivory Coast. The orders, valued at US$ 150 million, were placed by Cinergy S.A., the largest independent power producer in West Africa.

Cinergy is a joint venture between ABB, Industrial Promotion Services (Ivory Coast) - an affiliate of the Aga Khan Fund for Economic Development - and Electricité de France International. The project is being developed on a Build-Own-Operate-Transfer (BOOT) basis with a 24-year power purchase agreement granted by the Government of Ivory Coast. ABB will participate in an operation and maintenance joint venture. ABB led the development of the project and acted as a financial advisor.

The power plant will be located in Azito, a village on the outskirts of the country’s largest city, Abidjan. The first unit is expected to come into commercial operation in 1999 with plant completion planned for January 2000.

The Azito plant will be the largest thermal power plant in West Africa. It is designed to meet the country’s increasing demand for power, especially around the country’s population and industrial center of Abidjan. Power from the plant will also be exported.

The ABB Group <> serves customers worldwide in power generation, transmission; distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; financial services; and rail transportation. The Group reported orders in 1997 of US$ 35 billion and employs about 214,000 people in more than 100 countries. (End)

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