Exits and Sales
Access to Energy Fund had two exits in 2020, despite the COVID-19 crisis, we are proud that two customers have graduated to FMO-A funding. This is good news for AEF and demonstrates its catalytic and ‘upstream’ role in creating bankable energy projects.
Kivu Watt - is a 26MW methane gas extraction power plant located in Lake Kivu, Rwanda. Power produced by the plant is sold to the grid. As part of a larger debt package, FMO financed the project in 2015 from Building Prospects and the Access to Energy Fund. After substantial construction delays of almost 3 years, the Project reached technical completion end 2019. In 2020 Kivu Watt was found to meet FMO’s risk appetite and investment criteria and it was decided to transfer the project to FMO’s balance sheet. We wish Kivu Watt continued success in the years to come.
Rabai Power Ltd - is a 90MW Heavy Fuel Oil (“HFO”) fired power plant near Mombasa, Kenya. In 2008 AEF provided equity and a shareholder loan, playing an important additionality role, as risk capital for a greenfield energy project in Sub-Saharan Africa was scarce at that time. Construction started in October 2008, commercial operations in April 2010. The investment generated jobs during construction (353 at peak of construction) and operations (56 permanent staff). Since 2009, Rabai has been providing reliable base load electricity to the Mombasa and Nairobi regions. Over the past years, Rabai demonstrated substantial improvement in the risk/return profile, after which it was decided to transfer the company from AEF to FMO’s balance sheet. We wish Rabai Power Ltd continued success in the years to come.