Sermsang Solar

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The investment involves providing a long-term senior secured green debt package of up to THB2.4 billion (US$67 million) to Sermsang Palang Ngan Company Limited (“SPN”, “Company” or the “Borrower”), a wholly owned subsidiary of Sermsang Power Corporation Public Company Limited (“SSP” or the “Sponsor”) for financing the Company’s 52 MWp operational solar power plant in Thailand (the “Project”). The proposed investment consists of an (i) A Loan of up to THB1.2 billion (US$33.5 million) and a (ii) parallel loan for an equivalent amount. Proceeds of IFC A and parallel loan shall be utilized to refinance existing project debt of SPN (for an existing solar project located in Lopburi, Thailand) and the corporate debt of SSP in total around THB1,566 million (c.US$44 million) while the balance amount from the parallel lender would be utilized by the Sponsor to finance the acquisition, development and construction of renewable energy projects (solar farms, solar rooftops, wind and biomass) across Asia. No IFC funds will be used to acquire or develop other projects identified by the Sponsor.