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Sierra Leone

CEC Africa 57 MW HFO Power Project

$60 million
Summary of Proposed Guarantee

This summary covers equity investments and shareholder loans by CEC Africa Investment Limited of Mauritius and TCQ Power Limited of the British Virgin Islands through their subsidiary, CEC Africa (Sierra Leone) Limited of Mauritius, for the development of a 57-MW greenfield thermal power plant in Sierra Leone on a build-operate-transfer basis. The investor has applied for a MIGA guarantee of up to $60 million for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The proposed project includes a power station with seven generating units, transmission connections to the distribution networks, and a fuel supply facility.

Additional World Bank Group support through an IDA guarantee and IFC loans is expected.

Environmental Categorization
The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary prepared by IFC for its investment in the project.

Development Impact
The proposed project would provide heavy fuel oil base power generation capacity in Sierra Leone— a country with a substantial power generation deficit—and help balance out the high seasonality in Sierra Leone’s installed hydropower generation capacity. The project will strengthen private sector participation in the power sector and in Sierra Leone in general. 

MIGA’s support for this project is aligned with the agency’s priorities of supporting investments into countries eligible for financing from the International Development Association and countries affected by conflict. In addition, the World Bank Group’s Joint Country Assistance Strategy for Sierra Leone emphasizes energy investment as one of its three priority areas, especially as the country recovers from the widespread outbreak of the Ebola virus.