Zener SA, Togo (IFC-43339)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Togo
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
Approved
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
Jun 21, 2022
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
ZENER SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 8.66 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.
Project Cost (USD)
$ 25.59 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 24
Converted using 2023-01-07 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 17, 2023

Disclosed by Bank May 10, 2022

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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 the Bank’s website, Zener SA is a full-service, integrated energy provider operating in Togo, across the LPG full value chain with the only seaborne LPG import facility for end-user distribution to industrial, commercial, and residential (urban and rural) markets, as well as export. The proposed investment is up to EUR 7 million (m) IFC A loan and mobilization of up to EUR 14m in Parallel loans, to finance (i) Zener’s LPG terminal capacity expansion and (ii) support the establishment of five gasoline retail stations for the distribution of white products, solar kits, and LPG bottles exchange.

The Project will be sited next to the existing operation of Zener in the industrial zone in Lome, while the filling stations will be across Togo at Agoè Deux lions (in lome) and Nyékonakpoè, Kpalimé/ Kpéta, Tsévié/Kpali, and Atakpamé/Avétè.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on the information reviewed by IFC, the proposed project will have limited adverse environmental and social (E&S) impacts that are few, site-specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP). 

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

Total Project cost is estimated at EUR 24m, to be financed with EUR 21m debt. The IFC A loan is proposed for EUR 7m with up to 9-years tenor (including 3 years grace period).                                      

Private Actor Relationship
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.

Zener was founded by Mr. Jonas A. Daou, a Togolese who owns 69.79% and the balance is owned by other Togolese individuals who are minority shareholders. An affiliate entity, Power and Gas Storage SA, Togo (PGS) will implement the expansion of the LPG terminal. The ultimate beneficiary of PGS is Mr. Jonas Daou, through another affiliate, called Oseor Sarl SA, Togo. All the entities are registered in Togo. 

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.

Established in 2007, Zener (or the “company,” https://zener.tg/) holds a significant market share in the Togolese Liquefied Petroleum Gas (LPG) storage and distribution market. Until April 2021, the company was known as Sodigaz, which continues to be the gas brand managed exclusively by Zener in the Togo market. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Zener SA Client -

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.

Zener SA
Mr. Jonas A. Daou
President/Chief Executive Officer
+228 22 27 2000
jonas@zener.tg
Lome (TOGO) Zone industrielle de Lome, route d’Aneho, 08 BP 8535
https://www.zener.tg/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/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

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