The Project Company is Bangweulu Power Company Ltd., a special purpose vehicle incorporated in Zambia. The Company is 55% owned by Neoen S.A.S. (“Neoen”), 25% by First Solar Inc. (“First Solar”), together investing through Zambian Sunlight One S.A.S., and 20% by IDC.

Neoen is a leading French independent power producer specializing in the development, financing, construction and operation of renewable energy projects. Since its inception in 2008, Neoen has financed 864MW of renewable energy power projects (solar, wind, biomass) across Africa, Europe, and Latin America. Solar represents the largest proportion of Neoen’s existing portfolio, with 433MW of projects in operation and 101MW under construction as of June 30, 2016.

First Solar is a leading US PV manufacturer and a provider of supporting services (finance, construction, operation, maintenance and end-of-life panel recycling) to utility-scale PV power plants. First Solar has developed, financed, engineered, constructed and currently operates some of the world’s largest grid-connected PV power plants. First Solar is publicly listed and traded on NASDAQ.

IDC is an investment company wholly-owned by the Zambian government. Incorporated in 2014, IDC has a mandate to play a catalytic role in expanding and supporting Zambia’s industrialization to promote job creation and domestic wealth formation across key economic sectors. IDC plays its role through evaluation, pricing and lowering investment risk across sectors by serving as co-investor alongside private investors.

The Project cost is estimated at US$59 million, and the proposed IFC investment is up to US$28 million comprising of an A-Loan of up to US$14 million and an IFC Blended Finance Senior Loan of the same amount from the Canada Climate Change Program. The Overseas Private Investment Corporation of the United States (“OPIC”) will provide the balance of debt through a Parallel Senior Loan of up to US$14 million.

The power plant will be located in the Lusaka South Multi-Facility Economic Zone in the Kafue District of Lusaka Province in Zambia. The Project site is approximately 18 km to the southeast of Zambia’s capital, Lusaka.