Kékéli Efficient Power S.A
Project description
The Multilateral Investment Guarantee Agency (MIGA) is planning to issue guarantees that will support equity and quasi-equity investments by Eranove S.A. into Kékéli Efficient Power S.A. (the Project Enterprise or PE), established in relation to a 65MW tri-fuel power plant and associated transmission line in Lomé, Togo (the Project). The guarantees will be issued for a period of up to 20 years and cover the risks of expropriation, breach of contract, war & civil disturbance, and transfer restriction & inconvertibility.
Environmental Categorization
This project has been categorized as B according to the MIGA Policy on Environmental and Social Sustainability (2013). Click HERE to view the updated Environmental & Social Review Summary (ESRS) prepared by MIGA in connection with Eranove’s investment in the Project.
Development impact
The Project is expected to support Togo’s energy security by reducing its historic reliance on costly imports from neighboring countries (Ghana, Côte d’Ivoire, and Nigeria), which themselves have lacked reliability due to varying hydrological conditions, unavailability of gas, and other operational constraints. The Project will also increase Togo’s installed capacity by about 20%, helping inject much-needed additional power to the existing grid in a bid to meet increasing demand in both urban and rural areas of the country. Owing to its efficient technology, the Project will also contribute to helping the country slowly transition towards a low-carbon energy sector.
MIGA’s proposed coverage to Eranove is aligned with the World Bank Group’s Country Partnership Framework for Togo and also meets MIGA’s FY2021-23 Strategy’s emphasis on continuing to serve all client countries, while deepening impact in IDA/FCS countries.
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MIGA supports its clients (as defined in MIGA Policy on Environmental and Social Sustainability) in addressing environmental and social issues arising from their business activities by requiring direct investment clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities. MIGA support to Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations as per the requirements of Performance Standards 1.
In addition, Affected Communities have unrestricted access to the Compliance Advisor/Ombudsman (CAO), the independent accountability mechanism for MIGA. The CAO is mandated to address complaints from people affected by MIGA-guaranteed business activities in a manner that is fair, objective, and constructive, with the goal of improving environmental and social project outcomes and fostering greater public accountability of MIGA.
Independent of MIGA management and reporting directly to the World Bank Group President, the CAO works to resolve complaints using a flexible, problem-solving approach through its dispute resolution arm and oversees project-level audits of MIGA’s environmental and social performance through its compliance arm.
Complaints may relate to any aspect of MIGA-guaranteed business activities that is within the mandate of the CAO. They can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of a MIGA-guaranteed business activity. Complaints can be submitted to the CAO in writing to the address below:
Compliance Advisor/Ombudsman
International Finance Corporation
2121 Pennsylvania Avenue NW
Room F11K-232
Washington, DC 20433 USA
Tel: 1 202 458 1973
Fax: 1 202 522 7400
E-mail: cao-compliance@ifc.org