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IFC opens $ 1.8 million line of credit to complete major project in DR Congo – pv magazine International

The private sector arm of the World Bank’s International Finance Corporation (IFC) has said it will provide the last mile financing needed to launch a 100 MWac solar project in the Democratic Republic of the Congo.

The IFC announced on its website on November 25 that it will provide “up to” $ 900,000 as part of a financing program for the photovoltaic project planned in Kolwezi, in the Katanga region in the south-east of the country. country. ‘Up to’ an additional USD 900,000 will be available for the project through the Finland-IFC Development Lender Blended Finance Program, which was established in 2017-2018 with a contribution of EUR 114 million (USD 128 million dollars) from the Finnish government.

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Although the nature of the financing is not specified on the IFC website, the capital is likely to be made available on the basis of a loan rather than a grant.

The Kolwezi solar farm – which IFC says will sell electricity to the national electricity company and “support mining operations and economic activity in the region” – is being developed by the CIGenCo unit. Johannesburg-based energy investor Consolidated Infrastructure Group; the South African clean energy company Greenshare Energy and its operation Greenshare Congo; Volt Renewables, a Cape Town based company; and Nzuri Energy, based in Johannesburg.

IFC said it had joined the project to help the project grow, with the Globeleq entity 70% owned by the newly renamed UK international investment body of the UK government and 30% by the Norwegian state-backed development organization Norfund.

IFC has not specified whether Globeleq will commit to financing the Kolwezi facility, construction of which is expected to begin in 2023 and which is expected to take a maximum of 12 months to complete.

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