The Project is 100% owned by ZBE Partners EOOD (the “Company”), a special purpose vehicle that is ultimately 100% owned by Sun Edison LLC, a leading global developer, EPC contractor and operator of utility scale, commercial and small size solar power systems. Sun Edison LLC is owned by MEMC Electronic Materials Inc, a leading US-based manufacturer of semiconductors and silicon wafers.

The total project cost is estimated at €181.4 million (including VAT). The IFC investment would be in the form of an A loan of up to €45 million; and (b) an IFC B Loan of up to €45 million.

61.97 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	61.97
Equity

* These investment figures are indicative

The Project is located on a plot of land measuring about 100 hectares, close to the village of Karadzhalovo, in the municipality of Parvomay, Plovdiv District, which is about 160 km southeast of Sofia, the capital city of Bulgaria. The land was formerly owned by the Parvomay Municipality and used for agricultural purposes in the past. The agricultural status of the project site was re-zoned under the Municipality’s Master Plan and was converted to industrial use in 2006.

1. Increasing Bulgaria''s renewable energy output, and helping the country meet its renewable energy targets, including by diversifying its renewable energy mix;
2. Associated displacement of thermal power, resulting in avoidance of carbon emissions;
3. Demonstration effect, showing the viability of financing a large SPP on a limited recourse basis, and proving the ongoing viability of the Bulgarian RE sector, given recent changes to the RE Law.

IFC will make available debt financing to complete the project''s financial plan, against a backdrop of highly constrained capital markets. IFC''s experience in the sector, and B loan cover will provide comfort to commercial participants, given regulatory risk in Bulgaria.

The proposed investment in ZBE Partners EOOD is a category B project, reflecting a limited number of specific environmental and social impacts that may result from the construction and operation of the of the photovoltaic power plant, and the short associated transmission line. However, these can be avoided or mitigated by adhering to recognized performance standards, guidelines, design criteria and specific mitigation measures recommended by the environmental assessment. The project site is located in the Maritsa Parvomay Natura 2000 protected zone. Detailed assessment of impacts on the protected zone was conducted. While the project site is located in the Maritsa Parvomay Natura 2000 protected zone, it is of no significant conservation or habitat value because (i) the project site (about 100 ha) is a small portion of the entire protected zone (about 1%), (ii) the project site had been converted to industrial use two (2) years before the establishment of the protected zone, and (iii) the environmental assessment shows that no sensitive species of fauna (avian or terrestrial) or flora will be affected. Various parties, including environmental NGOs active in the conservation of protected zones in Bulgaria, were consulted during the environmental assessment, and no concerns were raised. The hosting municipality is strongly supportive for the project. The Company will conduct a biodiversity monitoring program to confirm the result of the assessment. An Environmental and Social Action Plan (ESAP) listing key E&S mitigation measures and monitoring programs in line with IFC Performance Standards was agreed with the Company, the implementation of which IFC will monitor.