Haiti - Economy : Solengy Haiti submits a financing request for its expansion to the IFC
To help deploy additional solar energy systems, Solengy Haiti has submitted a financing request to the International Finance Corporation (IFC), the world’s largest development institution focusing exclusively on the private sector, and a member of the World Bank Group.
Solengy Haiti, based in Port-au-Prince, provides turnkey and customized solar energy systems ranging from 1 kWp to 1 MWp to households, schools and hospitals, as well as commercial and industrial clients. Solengy has already installed 690 systems in 84 projects over the past 13 years in Haiti
The financing package includes an IFC A senior loan of up to US$3 million, parallel senior loans of up to US$3 million and a US$6 million subordinated loan, according to information from the World Bank’s private lending arm, which indicates that the Board of Directors is expected to review the financing request next month.
IFC states that "the project is expected to contribute to competitiveness as potential for replication is significant both by the scaling up Solengy’s unique offering and by enabling the entrance of additional providers of similar solutions."
IFC states that the environmental and social review of the proposed investment was conducted virtually due to travel restrictions resulting from the security situation in Haiti.
