Production 2020


BIX  Capital B.V. – USD 1.2 mln debt 

Amsterdam based BIX is a joint Shell Foundation / Cardano Development initiative aiming to increase access to essential household products and services (predominantly cookstoves, bio-digesters and water-purifiers) to the bottom of the pyramid (BoP). In 2020 AEF converted part of its loan, in order to mobilize additional funding.  


Dharma Life/ Gajam Group Limited UK – EUR 1.2 mln debt 

Gajam India Pvt Ltd, or Dharma Life (“DL”) is an India based social impact enterprise targeting the BoP by selling a.o. solar lamps and cooking stoves to rural households. DL has set up a network of 16,000+ rural, of which 75% are women, reaching approx. 40,000+ rural villages in 13 states across India. India has always been home to the world’s largest un-electrified population with an estimated 240 million Indians living without or with limited access to electricity. The AEF loan is used to purchase and sell primarily solar energy and energy efficient cookstoves. 


JCM Salima - USD 4.4 mln equity

JCM Salima (UK) is 75% owner of JCM Matswani Solar Corp Ltd (Malawi) established for the development of a 60 MWac solar PV plant located in the Salima district of Malawi. In 2019 AEF invested in Salima, to finance the construction of the project. Malawi is one of the poorest countries in the world with a significant energy shortage and abundant solar resource availability. The project helps Malawi in diversifying its electricity mix and reducing its reliance on import of fossil fuels. In 2020 AEF provided additional financing to cover cost overruns due to construction delays.  


Kodeni Solar S.A.S.U. – EUR 8.10 mln debt 

Kodeni Solar SASU (“Kodeni”), will develop, construct and operate a 38MWp solar farm in Burkina Faso. The project is the first privately owned solar power project in the country. Kodeni will provide clean, reliable electricity at a lower price than current thermal power stations. Burkina Faso has one of the lowest electrification rates in West Africa.
AEF is providing a long-term funding, to help the structure of the total financing, mobilising DFIs. / Buen Manejo del Campo S.A. de CV – USD 1.3 mln debt 

Buen Manejo del Campo S.A. de CV (“”) is a company that builds, sells, finances, and services a range of high quality, prefabricated and modular biodigesters to smallholder farmers. In 2020 AEF provided a second loan to help the company finance its growth.


Scatec Solar Bangladesh B.V. - USD 2 million convertible development contribution

Increase of the development contribution for a 60MWp solar project located in Baispukur village in the Nilphamari northern district of Bangladesh. First investment was done in 2019.  


FMO Ventures Program – EUR 12 mln equity

FMO Ventures Program is an initiative of FMO. The EUR 200 million program is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission.
FMO Ventures Program aims to empower innovative business models applying disruptive technology to enable or improve affordable access to goods and services to the un(der)served in emerging markets. FMO Ventures Program focuses on direct investments in young start-up and scale-up companies in Fintech, Energy access and Agritech, as well as on indirect (fund) investments in Venture Capital funds, predominantly in Africa and the European neighborhood, and in certain parts of Asia.