IFC helps largest hydroelectric generator
IFC helps largest hydroelectric generator
The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement recently with EDL-Generation Public Company (EDL-GEN), the largest hydroelectricity generator in Laos, to help the company better manage its environmental and social risks.
EDL-GEN sells the majority of its electricity to its parent Electricite du Laos, a state enterprise. Established in 2010, it is the first public company in Laos and has seven hydropower projects underway throughout the country, generating 387 megawatts of power.
EDL -GEN has invested in four independent power producers in Laos, including a 60 percent stake in Theun Hinboun hydropower project and a 25 percent stake in Nam Ngum 2 as well as Nam Lik 1 and 2.
“Energy demands are on the rise in our region,” Managing Director of EDL-GEN, Boun-Oum Syvanpheng said. “IFC's support will help EDL-GEN build its internal capacity to operate more sustainably, better serve the market and improve our business performance”.
IFC will advise EDL-GEN on global and regional trends in sustainable hydropower and strengthen its employees' competence in environmental and social risk management.
The advice will be based on IFC's eight performance standards to achieve environmental and social sustainability. EDL-GEN will also learn how IFC helped enhance similar business operations in other countries.
“We will help employees at EDL-GEN better understand the benefits of sustainable operations,” IFC Regional Manager for Cambodia, Laos, Myanmar, Thailand and Vietnam, Simon Andrews said.
“By taking IFC's performance standards into account, EDL-GEN can mitigate the environmental and social risk of its hydropower investments, thus improving its operational efficiency and saving thousands of dollars.”
In the Mekong region, IFC helps hydropower companies meet international environmental and social standards so that they can better evaluate and manage risk, lower production costs, as well as address grievances from workers and affected communities.
Globally, IFC has an active renewable energy portfolio including hydropower, wind, solar, geothermal and biomass. In the 2014 fiscal year, the IFC supported 55 energy projects across Africa, Asia, Eastern and Southern Europe, Latin America and the Middle East.
vientiane times
