Pan Africa Solar Limited (MIGA-3531)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 1, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
FMO of the Netherlands (as PRI Agent for itself and other Development Financing Institutions)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 198.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Dec 5, 2017

Disclosed by Bank Dec 12, 2016


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Project Description
This summary covers equity/shareholder loan investments by JCM Capital of Canada and a non-shareholder loan by FMO of the Netherlands to the Pan Africa Solar Ltd power project in Nigeria. JCM Capital has requested 20-year coverage against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. FMO is seeking coverage for itself and a syndicate of European development financial institutions for a period of up to 20 years against the risks of transfer restriction and breach of contract. MIGA is considering up to $198 million in guarantees. The project consists of the development, construction, and operation of a 96 MWp photovoltaic solar plant connecting to the national grid. It will be built on about 200 hectares of land in Katsina state, northern Nigeria, and will include the construction of a 1.0 km transmission line connecting the solar facility to the grid which will be owned and operated by the Transmission Company of Nigeria.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/