Botswana : IFC Partners with Scatec to Finance First Utility Scale Renewable Independent Power Producer
To support Botswana’s efforts to transition to a more sustainable and affordable energy mix, IFC announced an investment to finance a 60 MWp solar project developed by Scatec, a leading global renewable energy developer.
This will be the largest solar project in Botswana and help the country meet its target of generating at least half its power from renewable sources by 2036. It is also the country’s first utility-scale renewable independent power producer (IPP) and marks IFC’s first infrastructure investment in Botswana.
The $31.4 million debt package consists of an innovative dual currency financing with IFC providing $16.4 million and mobilizing up to $15 million equivalent in Botswana Pula from First National Bank of Botswana, acting through its Rand Merchant Bank division.
