For the Kaxu project, the shareholders will be Abengoa Solar South Africa (Pty) Ltd (“ASSA”) (holding 51%), Industrial Development Corporation of South Africa Ltd (“IDC’) (holding 29%) and a respective community trust backed by Broad-Based Black Economic Empowerment (BBBEE) funders (holding 20%).

For the Khi project, the shareholders will be will be Son Revieren (Pty) Ltd (“SR”) (holding 51%), Industrial Development Corporation of South Africa Ltd (“IDC’) (holding 29%) and a respective community trust backed by Broad-Based Black Economic Empowerment (BBBEE) funders (holding 20%).

ASSA and SR are wholly owned subsidiaries of Abengoa Solar S.A which, in turn, is a wholly owned subsidiary of Abengoa S.A. (http://www.abengoa.com) (“Abengoa” or the “Group”). Abengoa is a global company founded in 1941 and headquartered in Spain, with 26,000 employees and a presence in 85 countries. The company is focused on: (i) engineering and construction, including solar-thermal plants, solar-gas hybrid plants, conventional generation plants, transmission lines and water infrastructures; (ii) infrastructure concessions, through the operation of solar plants, transmission lines, co-generation plants and desalination plants; and (iii) industrial production, which includes commodity risk products, such as biofuels, and recycling steel dusts. Abengoa Solar has 392.7MW of solar power capacity in operation (including CSP and photovoltaics) and 1,010MW under construction in Spain, US and the Middle-East. As of Annual Report 2011, Abengoa had total assets of €18.8 billion and total equity of €1.6 billion, with a total market value of €1.72 billion. The company had total revenues of €7 billion, EBITDA of €1.1 billion and net income of €257 million for the year. Abengoa is publicly traded on the Madrid and Barcelona Stock Exchanges.

The IDC (http://www.idc.co.za) is a self-financing, South African state-owned development finance institution that provides finance to promote industrial and entrepreneurial development. It was established in 1940 to promote economic growth and industrial development in South Africa focusing on the importance of a dynamic private sector in securing and stimulating rapid and sustainable economic growth, creating employment and reducing poverty. The IDC had capital and reserves of approximately ZAR 79 billion as of March 2010 and has equity interests in over 250 companies across diverse economic sectors. In financial year 2010, IDC funding approvals amounted to above ZAR 9.4 billion more than 75% of which is to expansion and start up projects. The IDC has publicly committed to investing ZAR 60 billion over the next 5 years of which ZAR 11.7 billion is targeted towards “green industries”.

!Ka Xu Community Trust and !Khi Community Trust : The Sponsors are committed to enabling BBBEE ownership in the Projects and facilitating local economic development through their implementation. In order to achieve these objectives the Sponsors are targeting the allocation of approximately 20% of the shareholding in each project company to a “Community Trust”. Dividends flowing to the Community Trusts over the life of the Project will be applied towards local economic development beneficiary projects. The IDC is coordinating the establishment of the Community Trusts and arranging the required equity funding.

The total Project cost for both CSP plants is estimated at ZAR 11.4 billion (approximately US$1.3 billion). Individually, !Ka Xu has an estimated cost of ZAR 7.5 billion (approximately US$860 million) and !Khi has an estimated cost of ZAR 3.9 billion (US$445 million).

The proposed IFC investment includes separate loans to each of the CSP project companies:

to !Ka Xu CSP South Africa (Pty) Ltd:
An A Loan of up to ZAR 1000 million (approximately US$ 125 million) for IFC’s own account;
Mobilization of a senior loan from the Clean Technology Fund of up to US$26.5 million;

to !Khi CSP South Africa (Pty) Ltd:
An A Loan of up to ZAR 600 million (approximately US$ 75 million) for IFC’s own account;
A C Loan of up to ZAR 125 million (approximately US$ 15 million) for IFC’s own account;
Mobilization of a loan from the Clean Technology Fund of up to US$15.0 million to be structured either as a senior or a subordinated loan.

160.54 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	160.54
Equity

* These investment figures are indicative

Both plants will be located in the Northern Cape province of South Africa which is characterized by flat, desert type landscapes with high solar irradiation, making it suitable for CSP generation. Both plants will be located close enough to the Orange River to access water required for steam generation and mirror cleaning.

!Ka Xu will be located on a 300ha parcel of land on the Scuit Klip 92 farm, which is 40 km from the town of Pofadder on the R64 and R358 roads in the Khai Ma municipality. The site coordinates are Latitude 28.9S and Longitude 19.6E.

!Khi will be located on a 300ha of the Mc Taggarts Camp 453 farm, which is 15 km from the town of Upington on the N14 highway in the Kai Garaib municipality. The site coordinates are Latitude 28.5S and Longitude 21.0E.

1. Increasing South Africa''s renewable energy output and helping the country meet its renewable energy targets, including by diversifying its renewable energy mix. South Africa is facing electricity supply and demand imbalances that risk power cuts and the increased generation capacity from the Project will help to address this.

2. Associated displacement of thermal power, resulting in avoidance of carbon emissions and local air pollutants (Sox and NOx) associated with South Africa''s predominant coal-fired power.

3. Demonstration effect, as one of the first private sector renewable energy projects in South Africa and the first CSP projects in sub-Saharan Africa, proving the viability of financing a large CSP project on a limited recourse basis, demonstrating the suitability of solar power to South Africa given its excellent solar resources, and supporting the successful role out of the first projects under South Africa''s new renewable energy independent power producer program.

4. Job creation/community development: the local communities will benefit through (i) significant sourcing of labor from local communities during the construction period, and overall job creation during the construction and operation periods; (ii) community development programs undertaken as a result of direct ownership in the power plant companies by Community Trusts.

1. Financial additionality: IFC will provide long-tenor, local-currency limited-recourse project financing to these first of kind CSP plants in South Africa. In particular, the supercritical steam technology used in the !Khi power tower design is highly innovative and IFC may provide a subordinated debt tranche to improve the debt leverage which is otherwise limited by lender appetite.

2. Mobilization: For the !Khi power plant IFC is acting as lead lender, coordinating the financing package required for the project.

3. Concessionary finance: IFC will structure and mobilize concessionary loans from the Clean Technology Fund for each of the projects. The concession provided via these loans will help to lower the electricity tariffs needed by the plants and thereby reduce the impact of the plants on end-user tariffs in South Africa.

Each of the proposed CSP projects are category B projects according to IFC’s Policy and Performance Standards on Environmental and Social Sustainability because a limited number of specific environmental and social impacts that may result from their construction and operation can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.