Original disclosure @ IFC website
Updated in EWS Feb 7, 2023
Disclosed by Bank Jul 12, 2022
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According to the Bank’s website, IFC will provide an investment of: (i) up to US$ 0.9 million through IFC Upstream, and (ii) up to US$ 0.9 million as implementing entity of the Finland-IFC Blended Finance for Climate Program (“Blended Concessional Finance Co-investment”), to co-develop with Globeleq (acting through its wholly-owned subsidiary Globeleq Zimbabwe (Pty) Ltd) and certain minority developers under a Joint Development Agreement, a 100MWac Solar PV Independent Power Producer (“IPP”). The Project, which will be located in Kolwezi in south eastern Democratic Republic of Congo, will sell its electricity output to the national utility, Société Nationale d'Électricité (“SNEL”), which will utilize the electricity to supply mining companies in the region and potentially local communities as well.
The level of concessionality (i.e. “subsidy”) provided by the Blended Concessional Finance Co-investment is estimated to be around 3% of the total Project development cost. This estimate is based on the present value of the difference between (i) the return expected by IFC Upstream (the “reference return”) and (ii) the “concessional return” expected by the Blended Concessional Finance Co-investment.
Investment type not available at the time of the snapshot.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Globeleq Generation Limited||Parent Company||-|
No contact information provided at the time of disclosure.
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