Washington, D.C., November 18, 2010—IFC, a member of the World Bank Group, is investing $1.1 million for a 9 percent equity stake in two of Solar Power Company’s solar power plants that will help Thailand generate more of its energy from renewable sources.
Solar Power Company will use IFC’s financing to build and operate two 6-megawatt grid-tied solar power plants in northeast Thailand, a rural area well suited for generating solar power. Solar power projects are an important part of the government’s plan to generate at least 20 percent of its energy from renewable sources by 2022.
The investment follows a successful partnership between IFC and Solar Power Company in helping build the largest solar power plant in Southeast Asia earlier this year.
“IFC’s knowledge of the solar industry and ability to offer us the customized financing we need at this stage of our company’s growth has allowed us to succeed and expand in this growing sector,” said Khun Wandee Khunchornyakong, Managing Director of Solar Power Company.
In June, IFC invested $1.7 million in the company’s greenfield 6.1-megawatt grid-tied solar power plant in Nakhonratchasima, Thailand. The power plant is generating 9-gigawatt hours annually and is showing the potential of solar power for transforming Thailand’s economy.
“Developing countries need new sources of energy that allow them to grow their economies without adding to greenhouse-gas emissions and climate change,” said Lars Thunell, IFC Executive Vice President and CEO. “Solar Power Company is showing how companies can innovate and make solar energy a long-term solution for Thailand’s energy needs.”
Since 2005, IFC has invested more than $1 billion in renewable energy projects. IFC’s strategy in Thailand focuses on enhancing the competitiveness of the private sector; providing opportunities for populations outside the main urban economies, particularly in the northeast and southern provinces; and supporting environmentally and socially sustainable growth.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
About Solar Power Company
SPC is a Thai developer of solar farms whose management has over 30 years of experience in the solar industry. It is majority owned by its management team with a minority shareholding by Kyocera, one of the world’s leading photovoltaic module manufacturers and the supplier of modules to this project. For more information, visit
www.solarpower.co.th
.
