Multicountry: CITIC Capital Pan Eurasia Fund <br>- Co-Investment Project Spark (China)

approved

Along with the CITIC Capital Pan Eurasia Fund (the Fund), AIIB is proposing to make an equity co-investment in Sunman Energy Co., Ltd. (the Company or Sunman) which develops and sells lightweight, flexible solar modules. The Company developed its patented eArc technology, which applies a strengthened polymer composite to replace glass as the encapsulation material. Due to its lightness and flexibility, the eArc module addresses a much broader market, as about 40% of rooftops around the world, especially industrial and commercial ones, are too vulnerable to apply glass-based solar modules. The proceeds will be used to fund Sunman's capex, working capital, R&D, and business development needs to capture the growing market opportunities. The Company was founded by Dr Zhengrong Shi in 2014, a pioneering scientist and entrepreneur in the solar photovoltaic (PV) industry. The total combined investment between the co-investment of USD5 million and AIIB's contribution through the Fund as the limited partner will be USD10 million.