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Company name

Ignite Holding Company Inc.

Project number

12332-01

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Regional

Sector

Energy

Status

In implementation

Disclosed date

10/28/2019

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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N/A

Approval date

03/19/2020

Signed date

08/24/2020

Sponsoring entity

Ignite Holding Company Inc.

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 4,000,000

Financing amount

USD $ 1,000,000

Currency

USD

Project scope and objective

Ignite Holding Company Inc (“Kingo Energy” or the “Company”) is a prepaid distributed renewable energy provider to off-grid consumers in Latin America. Currently, the Company has 57,000 clients in Guatemala and Colombia and plans to expand its operation reaching 330,000 customers by year 2022. The Company’s global plan is to reach 1,000,000 customers by 2030 across 5 different markets.

The Company is structuring a private placement of its Series C convertible preferred shares for the expansion of the Company’s integrated energy distribution business, IDB Invest is considering a participation in the transaction in an amount of approximately five million United States dollars (US$ 5,000,000) with the participation of the Clean Technology Fund (“CTF”).

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW

68.4 Kb

Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

ESRS - KINGO - VERSION FOR PUBLICATION 0.PDF

227.4 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

juan@kingoenergy.com

PHONE NUMBER

1(801)425-4646

POST OFFICE ADDRESS

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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