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IFC and SIMA close a $150 million solar green bond to finance productive-use solar projects in Africa

IFC and SIMA close a $150 million solar green bond to finance productive-use solar projects in Africa

IFC, a member of the World Bank Group, in partnership with Social Investment Managers and Advisors LLC (SIMA Funds or SIMA) and other financiers, reached the first close of a $150 million green bond to finance productive-use solar projects across Sub-Saharan Africa.

The bond will focus on funding hard-to-reach small and medium-sized enterprises (SMEs) and is one of the most significant impact-driven funds focused exclusively on smaller businesses. Short-term corporate financing and project financing of up to 10 years will be offered to support the growth of small and medium-sized local developers for individual projects less than 5 megawatts (MW). The areas in focus centered around the productive uses of energy will include manufacturing, services, education, healthcare, and agri-processing.

IFC’s contribution of $45 million includes a $25 million IFC own-account loan and subordinated loans of $11 million from the Finland-IFC Blended Finance for Climate Program  and $9 million from GEAPP.