ACCESS TO ENERGY FUND

Statement of financial position

At December 31, 2019

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Statement of comprehensive income

At December 31, 2019

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Statement of changes in fund capital

At December 31, 2019

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Statement of cash flows

At December 31, 2019

Summary of accounting policies

The Access to Energy Fund (AEF), the Fund, is established in 2006 by the Dutch Ministry of Foreign Affairs to support the creation of sustainable access to energy in developing countries by providing risk bearing funding; equity, subordinated loans,

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Notes to the annual accounts

The cash on bank accounts can be freely disposed of.

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Risk management

For FMO, acting in its role as Fund Manager (hereafter ‘FMO’) to be able to carry out the Fund’s strategy, it is essential to have an adequate risk management system in place to identify, measure, monitor and mitigate financial risks.

Production capacity development

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Stable renewable energy in Madagascar

Hydro Madagascar is a platform for the acquisition and development of a portfolio of several run-of-river hydroelectric projects in Madagascar.

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Catalytic financing in Sub-Saharan Africa

Shell Foundation and FMO have launched the Energy Entrepreneurs Growth Fund (EEGF) providing catalytic financing to early growth stage companies in Sub-Saharan Africa (SSA).

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