In 2019 the Access to Energy fund has signed off an impressive number of 10 new investments, totaling to EUR 48 million. The broadening of the country list, from Sub-Saharan Africa to all OECD DAC countries, has provided the ability to do high impact deals in Pakistan, Bangladesh and Ukraine.
EUR 2.5 million was provided in the form of a grant to Acumen, to support pre-Venture Capital companies in the off-grid sector. USD 2.7 million was provided to Scatec as a convertible development contribution to develop the first solar power plant in Bangladesh. These two investments are made using a dedicated budget for grants which are excluded from the revolvability.
Being a fund focussing on high risk investments, AEF had to revalue three of its investments:
Envirofit, global | manufacturing and distribution of clean cookstoves. Envirofit is currently reviewing its business strategy and investigating more stable revenue streams.
Mobisol, Africa | distribution of Solar Home Systems. In September 2019, Mobisol was sold to Engie. The financial outcome for FMO was negative, however the business has survived and the development impact has been preserved.
E-power, Haiti | 30 MW heavy fuel oil power station due to sector uncertainty.
For 2020, the pipeline looks promising with a total amount of approximately EUR 53 million in leads.