Virunga Power

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Virunga Power Holdings Limited (“Virunga”) and International Finance Corporation (“IFC”) entered into an agreement under which IFC will support the development of a new greenfield distribution utility in Burundi. Virunga is the developer of the project, and IFC will fund up to US$ 1 million of early-stage development activities and provide technical assistance, subject to ongoing compliance with IFC Performance Standards. The new utility, Weza Power, will be a private-sector electricity distribution company operating at a national level in Burundi under the framework of a Public-Private Partnership. 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. Weza Power will bring clean, affordable, and reliable power, helping Burundi reach its universal access to energy goal. Through this collaboration, IFC will work closely with Virunga, finance feasibility studies, support Environmental and Social ("E&S”) activities, review bankability considerations, and carry out due diligence activities on other workstreams.