GBUC Smart Water Meter Investment Program

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The transaction consists of the financing of a US$4,500,000 senior unsecured loan to Grand Bahama Utility Company Limited (“GBUC”). The proceeds of the financing will be used for the purchase and installation of approximately 11,000 smart water meters. GBUC, the distributor of water in Grand Bahamas and operator of a wastewater facility in the Chesapeake area respectively, is seeking to reduce Non-Revenue Water (“NRW”) through the incorporation of smart meters, which is new technology in The Bahamas. The project is expected to be beneficial to GBUC and its customers, provided that once the smart meters are in operation, the company will be able to increase its effectiveness in controlling NRW and thus reduce costs for water distribution.The financing consists of a US$4,500,000 senior unsecured loan to GBUC. GBUC is planning to install approximately 11,000 smart water meters which most of them will be purchased by using the proceeds from IDB Invest financing.