Azito Phase 3 (IFC-26619)

Countries
  • Ivory Coast
Where the impacts of the investment may be experienced.
Specific Location
Azito village, Yopougon District
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 17, 2012
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AZITO ENERGIE SA
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 135.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 412.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS May 16, 2019

Disclosed by Bank Mar 30, 2012


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Project Description

According to bank documents, the project consists of the expansion of the existing 2x 144MW natural gas-fired open cycle Azito power plant in Côte d’Ivoire by adding 139MW steam cycle capacity, converting it into a combined cycle operation. The Project, expected to enhance the efficiency of the existing plant by generating 50 percent more power without the use of any additional gas, will be developed, designed, constructed and operated under a 20-year Build-Own-Operate-Transfer arrangement. The Project will sell its power to Government of Côte d’Ivoire through Compagnie Ivoirienne d’Electricité, the private transmission and distribution company.

Investment Description
  • International Finance Corporation (IFC)

The Project estimated cost is $[412] million. The proposed IFC investment includes an IFC A Loan and client risk management instruments (interest rate and/or foreign currency hedging) for an aggregate amount of up to $[135] million. In addition, IFC will be mobilizing the remaining balance of the required debt amount for the Project.

Private Actors

Sponsors:
Globeleq Generation Ltd is a power generation developer, owner and operator focused on emerging markets. Since its inception in 2002, Globeleq has held interests in multiple power facilities totaling over 4,000 MW of generation capacity in more than 20 countries. Globeleq is owned by Actis Infrastructure 2 LP (“AI2”), a fund managed by Actis LLP, a leading equity investor in emerging markets which is majority owned by the UK’s CDC Group. Today, Globeleq owns five operating power projects globally, three of which are in Africa and has an extensive development pipeline of projects.

Industrial Promotion Services (West Africa) (“IPS (WA)”) is the industrial development arm of the Aga Khan Fund for Economic Development (“AKFED”) with operations in Côte d’Ivoire since the mid-1960s. IPS, 15percent owned by IFC, has a longstanding experience in the power sector with projects in Kenya, Uganda and Mali.

Company:
Azito Energie S. A., a special purpose company registered under the laws of Côte d’Ivoire, is directly and indirectly (through Cinergy Holdings) owned by Globeleq (76.9 percent) and IPS WA (23.1percent). Initially majority owned by ABB and EdF, with CDC (and subsequently Globeleq) and IPS as minority shareholders, it has been in operations for over 10 years.

Contact Information

Alex Douglas
Project Director
Globeleq Advisors Limited
2 More London Riverside, SE1 2JT
Telephone: +44 20 7234 5401

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/