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IFC joins Norfund, Yoma Strategic to raise US$28 mil to bring power to rural Myanmar

Michelle Zhu Published on Tue, Apr 03, 2018 / 5:56 PM GMT+8

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SINGAPORE (Apr 3): International Finance Corporation (IFC) is joining as a new investment partner in Yoma Micro Power, a joint venture between Yoma Strategic Holdings and Norwegian state-owned fund Norfund.

Together, the partners intend to raise up to US$28 million ($36.7 million) by way of equity and debt financing for its project to power off-grid Myanmar.

The investment will enable Yoma Micro Power to generate and distribute electricity using solar-based micro power plants and mini-grids to power telecom towers in rural Myanmar as well as off-grid communities.

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IFC joins Norfund, Yoma Strategic to raise US$28 mil to bring power to rural Myanmar