FCS RE Azito 4 (IFC-39270)

  • 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
Bank Risk Rating
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
Apr 30, 2019
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.
The holder of the loan, grant, or other investment.
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 16, 2019

Disclosed by Bank Feb 8, 2019

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Project Description

According to bank documents, the project consists in adding approximately 250 MW of combined-cycle gas generation units on the site of the existing 420 MW Azito power plant. The Project will be developed, designed, constructed and operated under an amendment to the existing 20-year Build-Own-Operate-Transfer concession agreement. The Project will sell its power to the Government of Côte d’Ivoire through CI-Energies   

The proposed project, developed by Globeleq Africa Holdings Limited and Industrial Promotion Services (West Africa) (“IPS ((WA)”), is an expansion of the existing Azito Energie S.A. power plant in Abidjan, Côte d’Ivoire. The project will be built and operated by Azito Energie and Azito Operation and Maintenance S.A. (“Azito O&M”), respectively. The existing thermal power plant consists of a combined cycle gas-fired power station with a total capacity of ~427 MWe, developed in three phases, all financed by IFC. Two 144 MWe simple cycle gas turbines were commissioned in March 1999 (Phase 1) and February 2000 (Phase 2), respectively, and were subsequently converted into a combined cycle in 2015 with the addition of two heat recovery steam generators (HRSG) and a 139 MWe steam turbine (Phase 3). 



Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Azito Energie (Client)
  • Azito Operation and Maintenance S.A (Client)
  • Globeleq Africa Holdings Limited (Investor)
  • Globeleq Generation Limited (Buyer)
  • Industrial Promotion Services (Investor)

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.

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

Globeleq Africa Limited 
Fernando Martin 
Business Development Director 
+44 20 38 23 55 46 
6th Floor, 67 Lombard Street, London EC3V 9LJ 


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