VMI is directly and indirectly wholly owned by Voltalia S.A., which is publicly listed on the Euronext Paris stock exchange. Established in 2005, Voltalia is a French-headquartered independent renewable energy producer and service provider mainly involved across wind, solar and storage facilities. Voltalia operates in 15 countries and as of December 2025, the Company had 2.9 GW in operation and 0.7 GW under construction. By 2027, it is expected to have 3.7 GW capacity in operation and 0.5 GW construction.

VMI specializes in the ownership and management of renewable energy projects worldwide, with a strong presence in several emerging markets. To date, VMI has 24 projects, totaling 1.8 GW, with 21 projects in operations (1.7 GW) and 3 projects in construction (0.1 GW).

Through its investment in the redeemable preference shares of VMI, IFC will be financing the Project, i.e., Category B solar PV and storage projects in emerging markets (EMs) that meet the IFC Performance Standards (PS).

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The Project is expected to deliver significant stakeholder, environmental, and market creation benefits by (i) meeting increasing energy demand in emerging markets with limited access and uptake of utility-scale renewable energy, particularly in Africa, (ii) increasing renewable energy capacity and thereby contributing to meaningful avoidance of greenhouse gas emissions, supporting broader decarbonization efforts, and (iii) enhancing the resilience of electricity sectors in various emerging markets by diversifying their power mixes given many target countries’ large dependence on fossil fuels for electricity generation.

The proposed investment provides both financial additionality through patient, flexible capital to support VMI’s expansion, alongside non-financial additionality by delivering sector expertise, capacity building, and technical support to help the Company navigate emerging market risks and meet IFC’s environmental and social Performance Standards.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Renewable Energy Installed Capacity	MW		Not Available	Not Available	Not Available

This is a Category B project according to IFC's Policy on Environmental and Social Sustainability considering that it is expected to have limited adverse E&S risks and impacts that are few in number and site-specific and readily addressed through existing mitigation measures and good international industry practices (GIIP) as described in the following sections.

Key E&S aspects associated with the project are (i) adequacy of E&S assessments of the sub-projects in line with IFC PSs; (ii) E&S capacity and ability to screen potential sub-projects suitability against E&S criteria; (iii) corporate and project-specific ESMS and its implementation at the sub-project level; (iv) contractor E&S management; (v) labor and working conditions; (vi) supply chain; (vii) management of land acquisition; (viii) management of biodiversity risks and potential impacts; (ix) stakeholder engagement and community grievance mechanism.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.