FCS RE Azito 4 (IFC-39270)

  • Ivory Coast
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Apr 30, 2019
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 60.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 16, 2019

Disclosed by Bank Feb 8, 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.

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
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Azito Energie Client -
- - - - Azito Operation and Maintenance S.A Client -
- - - - Globeleq Africa Holdings Limited Investor -
- - - - Globeleq Generation Limited Buyer -
- - - - Industrial Promotion Services Investor -

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.

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


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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