Moving to alleviate an acute power shortage in Haiti, a new 30-megawatt plant was commissioned January 12 in the capital, on the first anniversary of the earthquake.
The plant was a US$57-million project, according to the IFC, a member of the World Bank group that finances private sector ventures.
It was built by E-Power, a consortium which is majority-owned by a group of local investors led by Haitian businessman Daniel Rouzier. It also includes Korea East-West Power Company Limited. IFC said it provided US$17 million for its own account and syndicated US$12 million from the Netherland's FMO - combining for just under 51 per cent of the total project cost.
"Many have been inspired by the resilience and spirit of the Haitian people in coping with the difficulties of the past year," said E-Power chairman Daniel-Gerard Rouzier, who was quoted in the IFC statement.
"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."
The new plant is powered by heavy fuel oil. Before the earthquake, Haiti had 25 per cent electricity coverage limited to about eight hours of power per day.
"E-Power will boost energy capacity in Port-au-Prince by 40 per cent," said IFC.
"It will also provide more cost-competitive electricity as it will burn heavy fuel oil rather than diesel oil."
The plant will sell its supplies to the state-owned utility, Electricité d'Etat d'Haiti, under a 15-year power purchase agreement.