Tsavo Power Company Limited (Kipevu II) (MIGA-843c6006be)

Countries
  • Kenya
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
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
Mar 1, 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.
Borrower
IPS Power Investment Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Mar 2, 2019

Disclosed by Bank Dec 21, 2018


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Project Description

PROJECT DESCRIPTION

Industrial Promotion Services Power Investment Limited (IPS), Cinergy Global Tsavo, CDC Financial Services Limited and Tsavo Power International Limited Liability Company c/o Wartsila of Cayman Islands (the "Guarantee Holders" or "GH") are seeking to acquire MIGA coverage for the existing Tsavo (Kipevu II) Power Plant, an operating Heavy Fuel Oil (HFO) fired power generation plant with a capacity of 74.5 megawatts (MW), located along Kipevu Road, Mombasa County, Kenya (the "Project" or "power plant"). The power plant is currently in its 18th year of operation. Construction of the power plant commenced in September 2000 and the commercial operation date was reached on September 4th, 2001. The power plant is comprised of: seven diesel generators; two HFO tanks; one water tank; two transformers; an engine room and various auxiliary and supporting components. The Project has a 20-year power purchase agreement (PPA) signed in January 2000, with the Kenya Power and Lighting Company Limited (Kenya Power), the national electric utility company. A Kenya Power sub-station is located adjacent to the plant.

The Project is located on 3.2 hectares (ha) of land, within an industrial zone overlooking the Mombasa Port Area and is adjacent to Kipevu I (63 MW) and Kipevu III (120 MW) power stations, as well as railway lines and port facilities. The three power plants are located within the same fenced area, with shared security. The nearest residential area, Changamwe, also includes commercial and industrial activities, and is approximately half a kilometer from the Project.

 

 

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

Att: Aleem Karmali

Nation Centre, 13th floor, Kimathi Street,

Nairobi, Kenya.

Telephone Number: + 254 722-205283

ACCOUNTABILITY MECHANISM OF MIGA

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/