International Finance Corporation, finalized financing for the construction of 47.5 MW Zambia’s solar project the first project to be developed, tendered, awarded, and financed under the World Bank Group’s Scaling Solar program. The financing package includes senior loans of up to $13.3 million from IFC, up to $13.3 million from the IFC-Canada Climate Change Program, and up to $13.3 million from OPIC, along with an interest rate swap from IFC and a partial risk guarantee from the International Development Agency.

Financing agreements have been signed between Bangweulu Power Corporation Limited -sponsored by Neoen/First Solar and Zambia’s Industrial Development Corporation (IDC) - IFC, and the Overseas Private Investment Corporation (OPIC) in Lusaka, Zambia. The equity for the project is provided by Neoen/First Solar and the Industrial Development Corporation of Zambia (IDC).

Source: IFC, Dec 20, 2017

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