Cote d?Ivoire Energies

The stable outlook on CI Energies reflects the stable outlook on Ivory Coast, 100% owner of CI Energies. This is because we expect the state to support CI Energies in the event of financial distress thanks to the unique role the company plays in the country's energy system. Our stable outlook also factors in our expectation of: CI Energies maintaining a significant liquidity buffer, given its aggressive capex plan, with capex of XOF240 billion on average per year over 2021-2023. Stable earnings from power plants, with the largest being the 275 MW Soubre Dam hydro power plant, which was built in 2017, and an increase in capacity at the 112 MW Gribo Popoli hydro power plant that will be commissioned

...Cote d'Ivoire Energies (CI Energies) manages all the cash flows of the electricity sector. In 2017, the Republic of Cote d'Ivoire (Ivory Coast; ##-/Stable/B) conducted a reform of the energy sector, and CI Energies received all the publicly owned generation assets, as well as the electricity sector-related debt. As a result, CI Energies became responsible for managing the electricity sector's strategy and cash flows on behalf of the state. The company is also responsible for all the investments and payments of all the operators within the sector. CI Energies is the only government-owned power producer in Ivory Coast and represents 44% of the country's power generation. CI Energies is one of four players in the Ivorian electricity sector and the only government-owned one. With its 979 megawatt (MW) installed capacity as of November 2021, CI Energies represents 44% of the total power generation in the country. This share should evolve progressively with the construction of various hydroelectric...

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