Board of Directors Notational Vote

Tuesday, April 16

Information summaries for the below listed projects can be found on dfc.gov and are hyperlinked 

below. 

Meeting Agenda

I. PROJECT APPROVALS

a. CECA – Sierra Leone
Host Country Republic of Sierra Leone

Name of Borrower CECA SL Generation Limited, a company organized and existing in Sierra 

Leone (the “Borrower”).

Project Description Development, construction, and operation of an approximately 105 megawatt 

combined cycle thermal power plant and associated infrastructure located in 

Freetown, Sierra Leone (the “Project”).

Proposed DFC Loan Up to $292 million (an increase of $75 million from the original $217 million 

DFC loan amount approved in 2021) for a term of 20 years

All-Source Funding Total Up to $415 million

Policy Review

Developmental Objectives This Project is expected to have a highly developmental impact on Sierra Leone 

with the construction and operation of a 105 MW combined-cycle power plant. 

This plant, the first large utility-scale independent power producer in the 

country, will supply power to a low-income country with critical long-term 

power solution needs. Sierra Leone’s installed capacity is insufficient, and as a 

consequence, the country is currently reliant on offshore barges that run on 

heavy fuel oil for power generation. The government of Sierra Leone has 

implemented reforms to attract private investment into the sector and set a goal 

of creating one gigawatt of energy capacity over the next decade.

Environment and Social 

Assessment

Screening: The Project has been reviewed against DFC’s categorical 

prohibitions and determined to be categorically eligible. The Project is screened 

as Category A because the projected greenhouse gas emissions exceed the 

Category A threshold established under DFC’s Environmental and Social Policy 

and Procedures (2020). Due to the updated plant design (increase in power 

generation capacity from 87 MW to 105 MW), the projected greenhouse gas 

emissions have increased from approximately 380,000 to 430,450 tons of 

carbon dioxide equivalent [CO2eq] per year (however, the maximum potential 

DFC financed emissions are 280,662 tCO2eq/year).

Applicable Standards: The International Finance Corporation’s (IFC) 2012 

Performance Standards (PS) triggered by the Project are:

PS 1: Assessment and Management of Environmental and Social Risks 

and Impacts;

PS 2: Labor and Working Conditions;

PS 3: Resource Efficiency and Pollution Prevention:

PS 4: Community Health, Safety, and Security;

PS 5: Land Acquisition and Involuntary Resettlement; and

PS 6: Biodiversity Conservation and Sustainable Management of 

Living Natural Resources.

The Project does not involve any impacts on Indigenous Peoples or cultural 

heritage as defined by the IFC. Therefore, Performance Standards 7 and 8 are 

not triggered by this Project at this time.
Meeting Agenda

Page 3

The Project must also comply with the IFC’s Environmental, Health, and Safety 

(EHS) General Guidelines (April 2007), IFC’s Environmental, Health, and 

Safety Guidelines for Electric Power Transmission and Distribution (April 30, 

2007), and the IFC’s Environmental, Health, and Safety Guidelines for Thermal 

Power Plants (December 19, 2008).

Climate Resiliency: Jupiter assigned an overall climate risk score of 58/100 to 

the Project site, which means the Project will face moderate climate related 

impacts. The main perils of severe weather, including high winds and 

precipitation, may materialize as environmental and social impacts such as 

unsafe working conditions for workers on the plant and spills or other 

contaminants released by containers, pipes, or other Project assets due to high 

winds and heavy storms. Lightning strikes, an associated risk with severe 

weather, can also cause damage to equipment that is necessary for power plants 

to operate, while also posing a dangerous threat to power plant workers 

operating machinery.

Environmental and Social Risks: The primary environmental and social issues 

associated with the Project are: air emissions (especially nitrogen oxides) and 

ambient air quality impacts; surface water quality impacts from the discharge of 

wastewaters; waste disposal; process safety hazards associated with the 

handling of liquefied petroleum gas and other petroleum (inflammable) 

products; labor management, particularly contractor management during 

construction; occupational, health and safety issues during both construction 

and operations; life and fire safety; influx of construction workers; noise; 

community health, safety, and security; potential livelihood impacts, including 

from the installation of transmission lines; biodiversity impacts especially those 

associated with the effluent discharges; and traffic impacts both during 

construction and operation of the power plant. In addition, asbestos may be 

present in some of the old buildings and its removal and disposal would need to 

conform to internationally accepted practices.

Key Environmental and Social Updates:

· The Project has developed a draft social and environmental 

management system, which will be updated as the Project 

progresses. A detailed Environmental and Social Management Plan 

is currently being prepared for the Project.

· In 2020, the Borrower prepared an Environmental and Social and 

Health Impact Assessment (ESHIA) pursuant to host country 

requirements to assess the Project’s potential environmental and 

social impacts. The ESHIA was updated in February 2024 to 

account for Project design changes and to include a more detailed 

social baseline and address potential impacts from the installation 

of the transmission line. Additional public consultations as part of 

the updated ESHIA process have been undertaken. The Borrower 

will be required to comply with any additional environmental and 

social mitigation measures that were determined to be necessary in 

the updated ESHIA.

· An Independent Environmental and Social Consultant was engaged 

in 2020. The consultant is currently updating its environmental and 

social due diligence and the Environmental and Social Action Plan 

(ESAP) for the Project to also reflect current Project design and 

status. DFC will require the Borrower to comply with any new 

items included in the updated ESAP. Additionally, the Project will 
Meeting Agenda

Page 4

provide DFC with annual reports summarizing the Project’s 

environmental and social performance. The Project will also be 

required to conduct an independent third-party audit to verify 

compliance with environmental and social covenants in the DFC 

contract.

ESIA Disclosure: The Project ESIA was disclosed as part of the earlier Project 

approval process from January 5, 2021, to March 8, 2021. No comments were 

received.

Host Country Republic of Sierra Leone

Insured Party CEC Africa (Sierra Leone) Limited, a company organized and existing in 

Mauritius, or an eligible affiliate (the “Insured Investor”).

Foreign Enterprise CECA SL Generation Limited, a company organized and existing in Sierra 

Leone (the “Foreign Enterprise”)

Reinsurers Reinsurance by private insurers 

Project Description Development, construction and operation of an approximately 105 megawatt 

combined cycle thermal power plant and associated infrastructure located in 

Freetown, Sierra Leone (the “Project”).

Investment Type Equity

Insurance Amount Up to $120 million (an increase of $70 million from the original $50 million 

DFC insurance amount approved in 2022)

Total Project Costs Up to $415 million

Policy Review

Developmental Objectives This Project is expected to have a highly developmental impact on Sierra Leone 

with the construction and operation of a 105 MW combined-cycle power plant. 

This plant, the first large utility-scale independent power producer in the 

country, will supply power to a low-income country with critical long-term 

power solution needs. Sierra Leone’s installed capacity is insufficient, and as a 

consequence, the country is currently reliant on offshore barges that run on 

heavy fuel oil for power generation. The government of Sierra Leone has 

implemented reforms to attract private investment into the sector and set a goal 

of creating one gigawatt of energy capacity over the next decade.
Meeting Agenda

Page 5

Environment and Social 

Assessment

Screening: The Project has been reviewed against DFC’s categorical 

prohibitions and determined to be categorically eligible. The Project is screened 

as Category A because the projected greenhouse gas emissions exceed the 

Category A threshold established under DFC’s Environmental and Social Policy 

and Procedures (2020). Due to the updated plant design (increase in power 

generation capacity from 87 MW to 105 MW), the projected greenhouse gas 

emissions have increased from approximately 380,000 to 430,450 tons of 

carbon dioxide equivalent [CO2eq] per year (however, the maximum potential 

DFC financed emissions are 280,662 tCO2eq/year).

Applicable Standards: The International Finance Corporation’s (IFC) 2012 

Performance Standards (PS) triggered by the Project are:

PS 1: Assessment and Management of Environmental and Social Risks 

and Impacts;

PS 2: Labor and Working Conditions;

PS 3: Resource Efficiency and Pollution Prevention:

PS 4: Community Health, Safety, and Security;

PS 5: Land Acquisition and Involuntary Resettlement; and

PS 6: Biodiversity Conservation and Sustainable Management of 

Living Natural Resources.

The Project does not involve any impacts on Indigenous Peoples or cultural 

heritage as defined by the IFC. Therefore, Performance Standards 7 and 8 are 

not triggered by this Project at this time.

The Project must also comply with the IFC’s Environmental, Health, and Safety 

(EHS) General Guidelines (April 2007), IFC’s Environmental, Health, and 

Safety Guidelines for Electric Power Transmission and Distribution (April 30, 

2007), and the IFC’s Environmental, Health, and Safety Guidelines for Thermal 

Power Plants (December 19, 2008).

Climate Resiliency: Jupiter assigned an overall climate risk score of 58/100 to 

the Project site, which means the Project will face moderate climate related 

impacts. The main perils of severe weather, including high winds and 

precipitation, may materialize as environmental and social impacts such as 

unsafe working conditions for workers on the plant and spills or other 

contaminants released by containers, pipes, or other Project assets due to high 

winds and heavy storms. Lightning strikes, an associated risk with severe 

weather, can also cause damage to equipment that is necessary for power plants 

to operate, while also posing a dangerous threat to power plant workers 

operating machinery.

Environmental and Social Risks: The primary environmental and social issues 

associated with the Project are: air emissions (especially nitrogen oxides) and 

ambient air quality impacts; surface water quality impacts from the discharge of 

wastewaters; waste disposal; process safety hazards associated with the 

handling of liquefied petroleum gas and other petroleum (inflammable) 

products; labor management, particularly contractor management during 

construction; occupational, health and safety during both construction and 

operations; life and fire safety; influx of construction workers; noise; 

community health, safety, and security; potential livelihood impacts, including 
Meeting Agenda

Page 6

from the installation of transmission lines; biodiversity impacts especially those 

associated with the effluent discharges; and traffic impacts both during 

construction and operation of the power plant. In addition, asbestos may be 

present in some of the old buildings and its removal and disposal would need to 

conform to internationally accepted practices.

Key Environmental and Social Updates:

· The Project has developed a draft social and environmental 

management system, which will be updated as the Project 

progresses. A detailed Environmental and Social Management Plan 

is currently being prepared for the Project.

· In 2020, the Borrower prepared an Environmental and Social and 

Health Impact Assessment (ESHIA) pursuant to host country 

requirements to assess the Project’s potential environmental and 

social impacts. The ESHIA was updated in February 2024 to 

account for Project design changes and to include a more detailed 

social baseline and address potential impacts from the installation 

of the transmission line. Additional public consultations as part of 

the updated ESHIA process have been undertaken. The Borrower 

will be required to comply with any additional environmental and 

social mitigation measures that were determined to be necessary in 

the updated ESHIA.

· An Independent Environmental and Social Consultant was engaged

in 2020. The consultant is currently updating its environmental and 

social due diligence and the Environmental and Social Action Plan 

(ESAP) for the Project to also reflect current Project design and 

status. DFC will require the Borrower to comply with any new 

items included in the updated ESAP. Additionally, the Project will 

provide DFC with annual reports summarizing the Project’s 

environmental and social performance. The Project will also be 

required to conduct an independent third-party audit to verify

compliance with environmental and social covenants in the DFC 

contract.

ESIA Disclosure: The Project ESIA was disclosed as part of the earlier Project 

approval process from January 5, 2021, to March 8, 2021. No comments were 

received.