Sigora Haiti Microutility Project

Sigora Haiti (“Sigora”) is a subsidiary of Sigora International (the “Sponsor”). Sigora constructed a microgrid in the communities of Môle Saint Nicolas, Jean Rabel, Bombardopolis and Presqu’ile, which has been operating since May 2017 and which consists of 1.25 megawatts (“MW”) of diesel capacity, 0.2MW of solar capacity, transmission and interconnection infrastructure, as well as smart meter hardware to connect approximately 4,500 residential and commercial customers (the “Pilot Project”). Sigora sells energy to residential customers on a pre-paid basis through independent vendors that collect cash payments from individuals and then transfer funds to the Company via an electronic transfer system. Commercial customers sign one-year PPAs with Sigora providing for the purchase of electricity at a fixed rate in US$/kWh consumed.

Sigora intends to expand the Pilot Project by adding wind power and battery capacity, interconnecting the municipalities of Môle Saint Nicolas, Jean Rabel and Bombardopolis, and expanding the grid to reach the municipality of Mare Rouge to provide 24-7 electricity service for a total of 6,600 commercial and residential connections in the Northwest of Haiti (“Cluster 1”). In addition, Sigora plans to build a second, independent, microgrid approximately 200 km south of Cluster 1 in the municipalities of Liancourt, Petite Rivière de l’Artibonite and Dessalines (“Cluster 2”). Cluster 2 will consist of diesel and solar generation combined with battery technology and will allow Sigora to add 15,000 connections. Ultimately, the Project will supply electricity to approximately 21,600 connections, or 110,000 individuals, in eight municipalities. Together the Cluster 1 activities and Cluster 2 activities are the “Project”.

IDB Invest is currently considering providing an up to US$3.0 million senior loan and mobilizing up to US$7.0 million in subordinated financing from the Clean Technology Fund to support the Project.