Production

Africa - Nithio FI B.V. – Equivalent of USD 10 mln debt (in KES, NGN or USD)

Nithio finances energy access companies in sub-Sahara Africa, primarily Solar systems on a PAYGO model, and including smaller (locally owned) borrowers. FMO provides an AEF-loan of USD 10 million, that can be drawn in Kenian Shilling (KES), Nigerian Naira (NGN) or US dollars. The investment is in line with FMO energy inclusive business and green initiatives for distributed energy.

Sierra Leone - Planet Solar Energy Limited – USD 9.9 mln equity

Planet Solar (Sierra Leone) has developed five solar PV power plants across 4 distinct sites; total project cost USD 80 million. FMO co-invests with Frontier Energy, a fund manager focused exclusively on investments in renewable energy projects in West and East Africa. The country risk, off-taker risk and the weak grid are the main reasons to use AEF. Ongoing market reforms, governance improvements and grid refurbishments and extensions have been -and are- supported by the World Bank, FCDO (UK government) among others.

India and Nigeria - Husk Power Systems – USD 2mln equity

Since 2019 FMO, through Building Prospects, is a shareholder in Husk Power. Husk Power designs, builds and operates mini-grids in rural areas of India and Nigeria, providing reliable electricity to MSMEs and households on a pre-paid smart metering platform. The additional equity helps Husk Power to scale up and increase the number of mini-grids in both India and Nigeria over the next few years.

Senegal - Walo Storage S.A.S.U. – EUR 8 mln debt

FMO provides a EUR 19 million loan to Walo, of which EUR 8 million through AEF. The loan has enabled the development and construction of a 10 MW / 20 MWh battery storage facility and a 16 MW solar power plant in Bokhol, Senegal. Senegal is a frontrunner in West Africa with an installed solar and wind energy capacity of up to 345 MWp, representing 17% of the total installed capacity. Solar and wind have become the lowest cost power options for the country and are fundamental for Senegal’s ambitions to reach affordable energy for all by 2030. A large portion of renewable power, together with a lack of back-up reserve capacity, leads to increased network frequency instability and many black outs. The Walo project will be a backbone in the stabilisation of the grid in North Senegal and facilitates a larger share of (intermittent) renewable energy in the total generation mix.

Kenya - Sun King Financing Limited – KES equivalent of USD 10 mln debt

Sun King’s core product is the provision of access to energy services through both PAYGO and cash sales, to households without access to (reliable) electricity. FMO provides USD 20 million in KES (50% AEF and 50% Building Prospects) and takes part in a larger USD120mln facility to a special purpose vehicle (securitisation). The total facility is financed with a group of Development Finance Institutions (e.g. BII, Norfund) and several Kenyan commercial banks. The purpose of the facility is to finance Sun King’s existing and growing book of customer receivables, without constraining its on-balance sheet borrowing capacity.

Kenya - Buen Manejo del Campo S.A. de CV – USD 4 mln debt

Buen Manejo del Campo, operating under the name Sistema.bio, designs, manufactures, sells and finances biodigesters to small and medium sized farms. The biodigesters are prefabricated and modular. Sistema.bio operates in Mexico, Kenya, India, Nicaragua, and Colombia. Sistema.bio is an existing relation, having obtained two earlier AEF-facilities, in 2019 and 2020. In 2023 FMO refinanced the existing loans and increased the amount to USD 7 million (of which 3 million through DFCD and 4 million AEF). The aim of new loan is to enable the company to continue its expansion in India and Kenya and provide it with sufficient working capital for the next four years.

Asia – Southeast Asia Clean Energy Fund II – USD 3.5 mln equity

SEACEF provides catalytic capital to developers and early-stage companies focused on renewable energy (“RE”), energy efficiency (“EE”), e-mobility, and electrical grid solutions in Southeast Asia. Focus countries are Vietnam, Philippines and Indonesia. FMO is part of the fund’s first close, and providing USD 13.5 million, of which USD 10 million through Building Prospects and USD 3.5 million through AEF.

Africa – d.Light – USD 750k mezzanine