Washington D.C., June 28, 2010—IFC,
a member of the World Bank Group, is acquiring an interest in a power plant
in Togo to support the efforts of ContourGlobal, a global power project
developer and operator, to ensure long-term energy security in Togo and
the wider West African region.
This equity investment to acquire a
20 percent stake in ContourGlobal Togo S.A. supports one of IFC’s priorities—to
invest in infrastructure in Africa. ContourGlobal Togo S.A., awarded
a 25-year concession by the government of Togo, will develop, build, and
operate a 100-megawatt thermal power plant in Lome.
The plant, which is expected to be operational
in July 2010, initially will run on heavy fuel oil, switching to gas when
it becomes available. The Togolese state-owned distribution company,
Compagnie Energie Eléctrique du Togo, will purchase all the electricity
generated, which will help meet the country’s current needs.
“IFC’s support for this project will
facilitate our additional investment in Togo and Sub-Saharan Africa,”
said Joseph C. Brandt, President and CEO of ContourGlobal. “We have
enjoyed an excellent relationship with IFC over the years and look forward
to working with them on the many projects in our pipeline.” Mr.
Brandt also noted that his company is proud to partner with an institution
that shares its deep commitment to responding to Africa’s critical infrastructure
A severe electricity supply shortage
constrains economic growth and poverty reduction in Togo. The country is
in dire need of more reliable, competitively priced power.
Bernard Sheahan, IFC Director for Infrastructure,
said, “IFC is pleased to support a global sponsor with the financial capability,
technical expertise, and the commitment to develop power projects in Sub-Saharan
Africa. As the first large-scale private sector investment in Togo
in over a decade, we hope the project will pave the way for similar projects,
helping meet the large infrastructure needs in the country and the broader
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 capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totaled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.
ContourGlobal is a power and energy
operating and development company, headquartered in New York City with
over 1,300 megawatts of capacity in operation, under construction, or in
active development in a diverse set of markets, including North and South
America, the European Union, Ukraine, and Sub-Saharan Africa. The company
has projects under construction or in development in Togo, Nigeria, Rwanda,
Kenya, Mali, and the Ivory Coast. For more information, visit www.contourglobal.com.