Supported by an investment and advisory services from IFC,Togolese power giant ContourGlobal Togo S.A. is burnishing its environmental and social credentials while helping West Africa meet its growing demand for power.
IFC’s 20 percent equity investment in ContourGlobal Togo S.A. -- one of the largest sources of Foreign Direct Investment in Togo in recent years – has helped the company develop, build, and operate a 100-megawatt thermal power plant in Togo’s capital, Lome.
IFC is also providing ContourGlobal with world-class environmental and social development expertise, helping the company implement an Environment and Social Action Plan and introduce occupational health and safety training.
IFC Environmental Specialist, Seynabou Ba, said, “ContourGlobal is a model in its community engagement efforts and for its strong implementation of its community development program. It also cleaned and contained soil that was previously contaminated by others. We will continue to monitor their environmental and safety performance through our supervision activities.”
Five years ago, Togo was required to import 486 million kWh per year from neighboring Ghana to compensate for the 576 million kWh of electricity the country consumed.
Today, ContourGlobal is producing enough electricity to feed into the local power supply and will soon be feeding into the regional power supply. The result is a reliable electricity source which helps ensure the continuity of operations for Togo's small businesses and encourages investment.
ContourGlobal is also reaching out to nearby communities and has built two local schools and provided three water fountains in an adjacent town, extending a much needed water supply around a local market.
“By improving the safety and environmental standards of the plant, it helps employees similarly respect the environment,” said ContourGlobal Togo’s General Manager, Yann Beutler.
While managing social and environmental risks and impacts in a manner consistent with the performance standards is the responsibility of the client, IFC seeks to ensure, through its due diligence, monitoring, and supervision efforts, that the business activities it finances are implemented in accordance with the requirements of the performance standards.
IFC Sustainable Business Advisory Services encourages good corporate governance, builds the capacity of small firms, supports women entrepreneurs, and promotes management and investment decisions that are sustainable and inclusive.
The Lome-based facility was inaugurated in October 2010, It employs 53 people and more than 100 contractors from the surrounding communities.
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