Cote d’Ivoire

CI-Energies is a state-owned utility company, responsible for the monitoring and management of Côte d’Ivoire’s electricity assets, financial and operational flows of the sector, and of public construction projects.

A delay in sector reforms and tariff adjustments threatened the energy sector’s finances in the short term. CI-Energies’ short-term borrowings and arrears to electricity and gas suppliers not only increased sharply but also at a costly rate, weakening the mechanisms established in the sector to encourage investment.

MayCap acted as joint transaction advisor to CI-Energies to refinance its short term debt and outstanding arrears with support from Government of Côte d’Ivoire and the World Bank. The objective of the transaction was to clear short-term liabilities, to ensure a balanced financial outlook and adequate investments in the sector, through a syndicated loan at CI-Energies level.

MayCap team comprising, Abhay Ketkar and Pankaj Nehra carried out the following activities ahead of the financing stage:

  • Conducted a detailed financial analysis of historical and future performance of the sector
  • Developed energy sector financial model along with key sensitivities, calculated relevant ratios (relating to liquidity, cash management, capital structure and operational efficiency)
  • Advised CI-Energies in identifying the financing needs and potential sources of financing
  • Reviewed the Sector Cashflow Cascade and provided recommendations on the basis of adequacy of revenues, viability, capital structure and financing plan
  • Designed an innovative transaction structure and security package taking into account the interests of all stakeholders (including the IPP and gas suppliers)
  • Advised on all preparatory legal workstreams and prepared the Information Memorandum of the transaction.

Financing Stage

  • Designed and implemented a competitive bank selection process and evaluated proposals from numerous commercial banks
  • Assistance at every stage of transaction marketing, negotiation of facility agreement and letters of support and undertaking.

Support with respect to World Bank partial credit guarantee (PCG)

  • Worked closely with WB teams in Washington DC and Abidjan to structure the use of a PCG provided by the International Development Association (World Bank Group).

Transaction achieved successful financial close in May 2019 resulting in finance raise of EUR 400 million equivalent in long term debt facilities from local and international commercial banks at extremely competitive interest rates.

For further information, contact Abhay Ketkar at abhay.ketkar@maycapadvisors.com.


Transaction Size



To structure & implement sustainable and competitive debt financing and security package