Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Cameroon
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
Bank Risk Rating: A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2014-03-14
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Actis Energy Generation Holdings N.V.
The holder of the loan, grant, or other investment.
Potential Rights Impacts:
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
  • Cultural Rights
  • Healthy Environment
  • Housing & Property
  • Indigenous Peoples
  • Labor & Livelihood
  • Marginalized Groups
  • Right to Food
  • Right to Health
  • Right to Water
Investment Amount (USD): $ 109.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-06-27
Disclosure Date: 2014-02-20
Kribi Power Development Corporation
MIGA-12242

Project Description
Project description This summary covers an equity investment by Actis Energy Generation Holdings N.V. of the Netherlands in Kribi Power Development Corporation in Cameroon. The investor has applied for a MIGA guarantee of €81 million ($109.3 million equivalent) for a period of up to 20 years against the risk of breach of contract. The project involves the acquisition and potential expansion of the 216 megawatt Kribi gas-fired power plant. Actis will acquire the shares of the independent power producer held by AES. Kribi Power Development Corporation (KPDC) is currently owned 56 percent by AES and 44 percent by the government of Cameroon, and has a generating license for 330 megawatts. The plant runs on natural gas, which is supplied from the offshore Sanaga South gas field in Cameroon. AES Sonel is the sole off-taker of electricity produced by KPDC under a 20-year power purchase agreement. Environmental Categorization The project is a category A under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary. Development Impact Energy shortages and the high cost of electricity have slowed growth in Cameroon for the past 15 years, with an estimated loss in GDP growth of 1 to 2 percent each year. According to the World Bank’s 2007 Investment Climate Assessment, two thirds of manufacturing firms cite power deficiencies as a constraint to doing business, leading to losses as high as five percent of production value on average. The investment will ensure continued operation of KPDC and improve its overall efficiency and reliability. MIGA’s proposed support for this investment is aligned with the Agency’s strategic priorities of supporting investments into complex infrastructure projects and countries eligible for concessional financing from the International Development Association.
Investment Description
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/