KINGUELE AVAL HYDRO (IFC-41172)

Countries
  • Gabon
Geographic location where the impacts of the investment may be experienced.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
ASONHA ENERGIE SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 44.71 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 40million
Converted using 2020-06-18 exchange rate.
Project Cost (USD)
$ 196.72 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 176million
Converted using 2020-06-18 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 20, 2020

Disclosed by Bank Jun 18, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed IFC financing will support the 34MW run-of-the-river Kinguélé Aval hydro power project located on the river Mbei, 85km East of Libreville in Gabon. The Project will be implemented by Asonha Energie, a company 60% owned by Meridiam and 40% by the Gabonese Strategic Investment Fund (“FGIS”) - acting through its subsidiary, the Gabon Power Company (“GPC”). The Project will sell its entire output to the Government of Gabon (“GoG”) under a 30-year Power Purchase Agreement (“PPA”). The Project will help optimize Gabon’s hydro potential, displace expensive emergency or thermal power, provide low-cost energy and help meet the country’s demand. The Project will reinforce the existing hydropower cascade on the Mbei river comprised of two existing power plants (Kinguélé and Tchimbélé) for a combined capacity of 120MW. Total estimated project costs are c.€176 million and IFC will propose an A Loan of up to €40 million, a senior concessional loan from IFC as implementing entity of the Canada-IFC Renewable Energy Program for Africa of up to $25 million and risk management products such as interest rate and/or cross currency swaps.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure

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/

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