Jersey and Washington, D.C., July 31, 2008 — Nitol Solar Limited (the Company), an independent polysilicon producer, and IFC, a member of the World Bank Group, today announced that they have signed an agreement under which IFC will invest US$50 mln in Nitol Solar capital as a portion of a total $75 mln financing deal.
Nitol Solar will use this financing to establish its new 3,700 ton solar grade polysilicon facility in Usolie-Sibirskoye, the Irkutsk region, Russia, which is scheduled to be completed in 2009.
Commenting on the transaction Dmitry Kotenko, Nitol Solar CEO said: “We are proud that IFC is becoming our shareholder because IFC is not just a financial investor, but institution with a strong mission aimed at sustainable development. This investment is both a strong endorsement of quality of our business model and recognition of the social and environmental value of our project”.
Somit Varma, IFC Director for Oil, Gas, Mining, and Chemicals said: “Renewables such as solar energy are increasingly becoming alternatives to fossil fuels in many parts of the world given the growing focus on climate change and the rising cost of conventional energy. Nitol Solar’s project will foster growth in the renewables sector and supports IFC strategy to combat climate change”.
IFC is also working with Nitol Solar to enhance its environmental and social practices and assist the company by implementing international best practices in corporate governance.
About Nitol Solar
Nitol Solar is an international group of companies, specializing in the production and sale of chemical products, which are key components for the solar energy industry. Production is based at a chemical plant complex, located in the Irkutsk region; the complex produces chlorine-based products, including trichlorosilane which is the main feedstock for polysilicon. Nitol Solar intends to become a leading global supplier of products for the rapidly growing solar energy industry. For more information on Nitol Solar please visit the website at www.nitolsolar.com
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
Nitol Solar Group of Companies:
Pavel Krupnov
T. +44 78 94 56 63 57
Larisa Kazantseva
T. +44 78 94 56 63 52
