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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Azito Thermal Power Plant and Expansion
Project ID
8296
Fiscal year
2013
Status
Active
Guarantee holder
Globeleq Holdings (Azito) Limited
Investor country
Bermuda
Host country
Cote d'Ivoire
Environmental category
B
Sector
Power
Date SPG disclosed
April 02, 2012
Project Board date
May 17, 2012
Gross exposure
 $116.1 million
Project type
Non-SIP
Strategic priority area
Complex Project
IDA
Conflict Affected

View Summary of Proposed Guarantee


In December 2012, MIGA issued guarantees totaling $116.1 million covering an investment by Globeleq Holdings (Azito) Limited of Bermuda in the Azito Thermal Power Plant in Côte d’Ivoire. The coverage is for a period of up to 20 years against the risk of breach of contract.

The project involves the conversion of the existing Azito Thermal Power Plant from simple-cycle to combined-cycle. This will include the addition of a steam turbine generator and heat recovery systems as well as the facilities and equipment required to connect the generator to the plant’s 225 kV substation. The project will add approximately 140 megawatts of installed capacity to the grid, without requiring any additional gas supply, for a total plant installed capacity of approximately 430 megawatts. Since the expansion from a simple-cycle to a combined-cycle plant was foreseen when the first phase of the project was completed in 1999, the related facilities and transmission line were designed to accommodate the full plant expansion and output.

Côte d’Ivoire’s energy infrastructure suffers from lack of maintenance, system overload, and financial difficulties. Due to limited access, over three-quarters of households are dependent on cheap wood charcoal, though this has environmental and health costs in the long term. The project is aligned with the World Bank Group’s Country Assistance Strategy for Côte d’Ivoire, which stresses the critical importance of building energy capacity to sustain economic progress.

MIGA’s support for this investment is also aligned with the agency’s strategy of supporting investments into countries eligible for concessional lending from the International Development Association, countries affected by conflict, and complex infrastructure projects.

 
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