CnC Omnicane

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Omnicane Thermal Energy Operations (La Baraque) Limited (OTEOLB) (the “Company”) and International Finance Corporation (IFC) entered into a Collaboration Agreement to jointly conduct development activities in view of supporting the transition from coal to fully biomass of La Baraque coal bagasse-powered plant (90 Megawatt), located in Mauritius. In Mauritius, a transition of the existing coal-bagasse plants to biomass would allow continued supply of baseload power and grid stability, while reducing greenhouse gas (GHG) emissions significantly. This project is aligned with the Government of Mauritius’s strategic priority of phasing out coal by 2030 and with its commitments of reducing GHG emissions by 40% and increasing the share of renewable energy to 60%. Through this collaboration, IFC will work with OTEOLB to assess the financial, market, and climate impact of the conversion, confirm the cost effectiveness and reliability of alternative sources of energy, and conduct an environmental and social (E&S) review and screening, and preliminary E&S due diligence.