The development objective of the Scaling Solar Energy Project for Zambia is to increase solar electricity generation capacity and diversify electricity generation sources in Zambia. The proposed additional guarantee will support the addition of 34 Megawatt peak (MWp), equivalent to 28.2 Megawatt (MW AC). The AF will also involve a restructuring, including (a) renaming of the original project from West Lunga Scaling Solar Energy Project to Zambia Scaling Solar Energy Project aiming to accommodate additional financing project activities, (b) extending the closing date from October 15, 2018 to December 31, 2019, and (c) updating the results framework to reflect the scale up.
The Additional Financing (AF) will provide an IDA guarantee in the amount of up to US 2.8 million dollars (an IDA country allocation to Zambia of up to US 0.7 million dollars) and IFC financing consisting of an A Loan in the amount of up to US 12 million dollars, a senior loan in the amount of up to US 12 million dollars from IFC acting as implementing entity of the IFC-Canada Climate Change Program (IFC-CCCP), and U.S. Dollar interest rate swaps representing a loan equivalent exposure of up to US 2.5 million dollars.
*Contact details not provided at the time of disclosure*
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