CECA SL GENERATION LIMITED (FMO-49686)

Countries
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Voting Date
Oct 24, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CEC Africa Sierra Leone Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 15.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Feb 26, 2019

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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.

WHO IS OUR CLIENT

The client is CEC Africa Sierra Leone Limited, a SPV set up to develop, construct, operate and maintain a 57MW HFO fired power plant located in the West of Sierra Leone's capital Freetown. The company is owned 60% by CDC Group Plc. and 40% by TCQ Power Limited. The facility includes further infrastructure such as storage tanks, water treatment facilities and transmission infrastructure.

FUNDING OBJECTIVE

FMO provides a USD 15 mln senior loan. Further debt financing will be provided by IFC, AfDB, CDC and EAIF. The loan facility will be used for the construction of the power plant and the relevant infrastructure in line with the construction progress.

WHY WE FUND THIS PROJECT

FMO finances this power plant in Sierra Leone because of its relevance for the sector and the country. Post-Ebola and with an installed capacity of only 83 MW, Sierra Leone is in great need of electricity and private investment. Foreign direct investment will also give a positive sign to the country and its economy following the slow-down caused by the Ebola epidemic. Further FMO will provide long-term financing which is not available in the market. The project is not a renewable energy project but located in a Low Income Country in Africa that needs base load electricity supply, which makes it fit into FMOa€™s strategic approach.

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.

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl

 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.

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How it works