Kounoune Power, SA (MIGA-d5c2b9c9d4)

  • Senegal
Geographic location 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.
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
Dec 1, 2018
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.
Azura Power Holdings Limited and/or any of its subsidiaries
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Hydropower
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)
Not Disclosed
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 @ MIGA website

Updated in EWS Jan 11, 2019

Disclosed by Bank Nov 8, 2018

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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.

Actis Energy and Amaya Capital, through Azura Power Holding Limited ("Azura Power" or "the Guarantee Holder") plan to acquire three operating power assets, specifically: Tobene and Kounoune Plants in Senegal; and Thika Power Plant in Kenya. All three assets are currently owned by Melec Powergen Inc ("MPG"), which was established in 2005 as a power generation platform in sub-Sahara Africa. Separate ESRS' are being prepared for each asset. The "Project" or "Power Plant" considered in this ESRS comprises Kounoune Power Plant, an existing 67.5MW heavy fuel oil ("HFO") fired diesel power generation plant. The Power Plant is located within Kounoune village, near the City of Rufisque, to the north of the Dakar-Diamniadio highway and approximately 25 km southeast of Dakar.

The Project was developed by a consortium consisting of MHI Equipment Europe B.V. (Netherlands) ("MEE"), and of Matelec S.A.L (Lebanon) under a Build, Own, Operate contract. MPG partnered with Mitsubishi Heavy Industries (MHI) Equipment Europe BV, a fully owned subsidiary of Mitsubishi Heavy Industries of Japan, through MHI Equipment and Services Africa ("MESA"), to supply the engines, act as engineering, procurement and construction ("EPC") and operations and maintenance ("O&M") contractor. The commercial operations date was reached in January 2008. The Project sells power to the national electricity company of Senegal (the Societe Nationale d'electricite du Senegal or Senelec) under a 15-year power purchase agreement (PPA) that was signed in 2005. A Senelec substation is located on the adjacent land to the north.

The Power Plant comprises of nine diesel reciprocating engines, four heat recovery boilers, nine closed air coolers, a short connection to the existing transmission lines, two HFO tanks, and a 6.1km HFO pipeline from Cap des Biches to the Project site. The pipeline is owned and operated by Senelec and is considered an associated facility[1].

The Project occupies an area of 3 hectares (ha). The land acquisition process was managed by Senelec in 2004, as part of the acquisition of a total area of 14 ha that was earmarked for the development of power infrastructure.

The Project was financed by MPG with 30% equity and 70% long term loans arranged by the International Finance Corporation (IFC). The IFC loan was approved in May 2005. Other Development Finance Institutions (DFIs) involved in the Project include the West African Development Bank (BOAD), Proparco and the African Development Bank (AfBD). Azura Power is an experienced developer, financier, acquirer and operator of IPPs currently operating base-load power plants across Africa, and as well as renewable power projects in Nigeria.


Investment Description
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Contact Information
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No contact information provided at the time of disclosure


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