Port-au-Prince, Haiti, July 22, 2009—IFC,
a member of the World Bank Group, is financing E-Power S.A., a 30-megawatt
heavy fuel oil power plant, to help mitigate acute power shortages and
restore basic public services in Haiti.
IFC is providing a $16 million loan
and syndicating $14 million through FMO, the entrepreneurial development
bank of the Netherlands, for the project. Two local banks, Sogebank and
BNC, are providing $14 million in cofinancing.
Today, only 25 percent of Haiti’s population
has access to electricity, with the best served areas receiving a maximum
of eight hours of electricity a day. The project will supply electricity
at more competitive prices. The electricity will be sold to the state-owned
utility, Electricité d’Etat d’Haiti, under a 15-year power purchase agreement.
E-Power, which is majority-owned by
a consortium of local investors led by Daniel Rouzier, a Haitian businessman,
is Haiti’s first private sector generation project open to international
bidding with assistance from the World Bank. Together with other power
improvements, E-Power will contribute significantly to a sector turn-around
by setting a benchmark for future private sector participation in
Speaking at a signing ceremony attended
by Haitian President Rene Preval, and local and international high-level
public and private sector representatives, E-Power Chairman Daniel-Gerard
Rouzier said, “E-Power makes an eloquent statement that Haiti is open
for business again. We are very thankful for IFC’s support for our project,
which will help restore social stability and economic growth.”
Salem Rohana, IFC Representative for
Haiti and the Dominican Republic, said: “IFC is very pleased to support
E-Power, a project addressing a fundamental energy need that will improve
the living standards of people in Haiti and the country’s productivity.
This first international open-bidding process and IFC’s participation
will send a sign of confidence to investors about investment opportunities
IFC’s strategy in Haiti focuses on
promoting economic growth and improving access to basic services, particularly
for the most vulnerable groups. IFC has ramped up its activities in this
country in the past two years and has opened a local office.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.