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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
Ewekoro Power Limited (EPL)
Project ID
4658
Fiscal year
2003
Status
Not Active
Guarantee holder
Rolls-Royce Power Ventures (Ekiti) Ltd
Ewekoro Power Plant Sales Ltd.
Investor country
United Kingdom
Host country
Nigeria
Sector
Power
Gross exposure
 $19.5 million
Project type
Non-SIP

MIGA has issued guarantees of $540,000 and $19.0 million to two Rolls-Royce Power Ventures (RRPV) wholly-owned UK subsidiaries, Rolls-Royce Power Ventures (Ekiti) Limited and Ewekoro Power Plant Sales Limited for their respective $0.6 million investment in, and $13.3 million loan, plus interest, to Ewekoro Power Limited (EPL), a Nigerian registered company. The guarantees are for a period of fifteen years for the investment and eight years for the loan, and both provide coverage against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project consists of the establishment of EPL, which will supply electrical power to West African Portland Cement Plc's cement facility, located at Ewekoro, in Ogun State near Lagos. EPL will install four new gas engines with a total capacity of 12.5 megawatts under a Build-Own-Operate concept. RRPV's investment will supply reliable power to the cement facility, thereby helping to meet the construction needs of Nigeria's fast-growing population. MIGA's involvement in the project will help create 42 local jobs, 34 of which are skilled technical positions. Fifty additional jobs will be created during the construction phase and EPL will provide ongoing training throughout the duration of the project. EPL will facilitate growth in local economic spending and an estimated $4.5 million on local construction costs. The project will also have a positive impact on the local environment, replacing 30-year old electrical generating sets with modern, clean and efficient gas engine technology. The project addresses two of MIGA's priority areas: an investment in an IDA country and in Africa.  
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