Prior to the earthquake, only 25 percent of Haiti’s population had access to electricity, with the best served areas receiving a maximum of 8 hours of energy a day. The Haitian company, E-Power inaugurated Thursday a state-of-the-art 30-megawatt power plant. This power plant is a important step in Haiti’s reconstruction, it will boost energy capacity in Port-au-Prince by 40 percent, it will also provide more cost-competitive electricity as it will burn heavy fuel oil rather than diesel oil.

This is the first private sector power generation project open to international bidding. The majority of the capital of E-Power is owned by a group of local investors led by Daniel Rouzier, a Haitian businessman. Korea East-West Power Co, Ltd, a large Korean electricity utility, also joined the project. IFC provided $17 million for its own account and syndicated $12 million from the Netherland’s FMO. The total project cost was $57 million.

Daniel-Gerard Rouzier, Chairman of E-Power Chairman, said, "Many have been inspired by the resilience and spirit of the Haitian people in coping with the difficulties of the past year. 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." Bernard Sheahan, IFC Director for Infrastructure in Latin America and the Caribbean, said, "It has been more than two years since our team visited Haiti to discuss our potential financing of the E-Power project with the sponsor. Today’s launch of operations of E-Power is proof of Haitian’s determination to recover and build a better future. E-Power stands as a testimony to what has been achieved in the country under the most challenging environment imaginable."

A project that should, hopefully, will encourage other investors. IFC is supporting the private sector’s important role in a long-term and sustainable recovery, creating jobs, providing access to finance and developing infrastructure that will improve the quality of life of the Haitian people and spur economic development.

Article By S/ HaitiLibre