CnC-Tembo Hydro

pending

Tembo Power Ltd (“Tembo”) and International Finance Corporation (“IFC”) entered into an agreement to collaborate on the development activities for two run-of-the-river hydropower projects: Dama (9.6 Megawatt) and Siku (12.4 Megawatt), located in the southern part of Burundi. Tembo is the developer of the projects, and IFC will fund up to US$ 1 million of development activities, subject to ongoing compliance with IFC Performance Standards, and look to provide the debt financing in the future. Access to electricity in Burundi is among the lowest in Sub Saharan Africa, and the country has one of the lowest GDP per capita in the world. The two power plants will contribute to meeting electricity demand and attract foreign direct investment. Through this collaboration, IFC will work closely with Tembo, support Environmental and Social ("E&S”) activities, review bankability considerations, and carry out due diligence activities on other workstreams.