Production 2025

Ilute Solar Limited - $3.5 million debt

Ilute Solar Limited is a Special Purpose Vehicle (SPV) holding the 25MWac solar power project developed by Serengeti Energy Ltd and Western Solar Power Ltd. Power will be sold under a 25-year Power Purchase Agreement (PPA) with GreenCo Power Services Ltd, acting as an intermediary off-taker that purchases power from Renewable Energy (RE) Independent Power Producers (IPPs) and sells that electricity to utilities and private sector off-takers via the Southern African Power Pool (SAPP). In southern Africa, there is a clear trend of moving away from classical PPAs with government-owned utilities towards a regional merchant model. This has the potential to unlock vast new amounts of renewable energy in the region, as supply and demand can be balanced regionally, and the success of projects no longer depends on the performance of local utilities.

Sun King Financing Limited - $10.4 million debt (in local currency equivalent)

Sun King Financing Limited is a securitization special purpose vehicle acquiring pay-as-you-go receivables from Greenlight Planet Kenya Limited, the Kenyan subsidiary of Greenlight Planet Inc. The company, active under the brand name Sun King, is one of the leading providers of energy access products in Sub-Saharan Africa. The company’s business model in Kenya consists of the distribution and financing of various solar-powered energy solutions through a Pay-As-You-Go offering. Customers pay off their system and associated devices through pay plans that vary in length. The company provides clean and green first-time energy access to households in areas with unreliable or non-existent grid connections. Increased energy access contributes to the productivity of households and economic growth and helps power small businesses. FMO provided the financing in local currency, which reduces the risk profile of the company.

AEE Power Ventures S.L. - $0.3 million Repayable Development Contribution

AEE Power Ventures (“AEE-PV”), domiciled in Spain, is a subsidiary of AEE Power Holdings SARL, a Spanish energy company domiciled in Switzerland and active in the development, financing, construction, and operations of energy infrastructure projects in Sub Saharan Africa. AEE-PV was retained as preferred bidder for the ESSOR Mini-Grid Project in the DRC, which aims to improve access to electricity in isolated cities by means of hybrid solar mini-grids implemented under long-term concessional structures. The project will implement three independent mini-grids in the cities of Bumba, Gemena and Isiro. When constructed, the first 3 years of the Project will serve over 30,000 households and provide over 150,000 people with clean electricity. As one of the first mini-grid initiatives in DRC, the Project is expected to pave the way for comparable initiatives in the country. AEF already provided a first repayable development contribution of $0.7 million for the same project to AEE-PV in 2023.

CEC Garneton South Solar Limited - $6.9 million debt

CEC Garneton South Solar Limited is a special purpose vehicle that will develop, own and operate a 20MWac solar PV plant (including transmission line) located in the Garneton area of Kitwe District in the Copperbelt Province of Zambia. The project was developed by Copperbelt Energy Corporation. The project is part of the strategic Zambia Solar PV GETFiT program, which supports Zambia in enhancing private sector involvement in the power sector. The Project contributes to a diversification of Zambia’s energy mix, which is largely (>85%) dependent on hydropower and vulnerable to climate change and extreme weather events.

Globeleq Kafue Solar Limited - $10 million debt

Globeleq Kafue Solar Limited is a special purpose vehicle that will develop, own, and operate two co-located 20MWac solar PV plants and a 4.5km 33kV overhead transmission line to Kafue town substation. The Project is located 50km from Lusaka and less than 5km from the town of Kafue in Lusaka Province, Zambia. The Project was developed by Globeleq Africa Limited. The project is part of the strategic Zambia Solar PV GETFiT program, which supports Zambia in enhancing private sector involvement in the power sector. The Project contributes to a diversification of Zambia’s energy mix, which is largely (>85%) dependent on hydropower and vulnerable to climate change and extreme weather events.

Nile Fresh Pty Ltd - €0.1 million Ventures Program 2

Nile is a South African B2B e-commerce platform linking commercial farmers to buyers of fresh produce and input suppliers. The Company delivers a convenient, secure, and transparent trading experience in a largely analogous market with significant inefficiencies and wastage. The online marketplace is supported by services on logistics, payments, and insights to enable seamless transactions. The investment will enable the Company’s growth, further developing the online marketplace for fresh produce and inputs, scaling its operations and exploring additional services. Nile aims to substantially improve the fresh produce value chain, leading to reduced wastage and, ultimately, a more efficient food system.

TNB Aura Fund 3 VCC - €0.4 million Ventures Program 2

Founded in 2017, TNB Aura is a Singapore-based Venture Capital (VC) firm with a presence in Indonesia, Vietnam, and the Philippines. TNB Aura Fund 3 VCC is the third VC fund managed by the firm. The Fund invests into Seed to Series B stage technology and tech-enabled startups in Southeast Asia across diverse sectors and verticals. FMO invests in the TNB Aura fund to support entrepreneurship across Southeast Asia and help scale innovative business models that contribute to the sustainable growth of local economies.