Port-au-Prince, Haiti, January 13, 2011—IFC,
a member of the World Bank Group, today announced that E-Power, Haiti’s
first private sector power generation project open to international bidding,
is starting operations. The project is expected to help mitigate acute
power shortages in Port-au-Prince.
The state-of-the-art 30-megawatt heavy fuel oil power plant inaugurated
today is an important step in Haiti’s reconstruction one year after the
earthquake. E-Power will boost energy capacity in Port-au-Prince by 40
percent. It will also provide more cost-competitive electricity as it will
burn heavy fuel oil rather than diesel oil. The project is expected to
have an important demonstration effect for other investors.
Prior to the earthquake, only 25 percent
of Haiti’s population had access to electricity, with the best served
areas receiving a maximum of eight hours of energy 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 is majority-owned by a consortium of local investors led by Daniel
Rouzier, a Haitian businessman. Korea East-West Power Co, Ltd, a large
Korean electricity utility, also joined the project. IFC provided $17 million
for its own account and syndicated $12 million from the Netherland’s FMO.
The total project cost was $57 million.
Daniel-Gerard Rouzier, Chairman of E-Power Chairman, said, “Many have
been inspired by the resilience and spirit of the Haitian people in coping
with the difficulties of the past year. We look forward to a long-term
partnership with IFC, which has shown great commitment to our country and
to helping our private sector do its part in rebuilding Haiti.”
IFC has financed more than 200 power projects around the world. In Haiti,
IFC is supporting the private sector’s important role in a long-term and
sustainable recovery, creating jobs, providing access to finance and developing
infrastructure that will improve the quality of life of the Haitian people
and spur economic development.
Bernard Sheahan, IFC Director for Infrastructure in Latin America and the
Caribbean, said, “It has been more than two years since our team visited
Haiti to discuss our potential financing of the E-Power project with the
sponsor. Today’s launch of operations of E-Power is proof of Haitian’s
determination to recover and build a better future. E-Power stands as a
testimony to what has been achieved in the country under the most challenging
IFC responded swiftly to Haiti’s earthquake with five investment projects
focused on job creation in the garment, hospitality, energy, finance, and
mining sectors. IFC’s portfolio of investments amounts to $47.7 million
for seven operations, including $13 million in mobilization. IFC also ramped
up Advisory Services operations to foster a better investment climate,
improve access to finance, and develop management skills for more than
600 small entrepreneurs. IFC's combined investment and advisory projects
are supporting the creation of 5,000 new jobs as well as safeguarding 5,000
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.