CEDATE LIMITED
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Frontier Energy is a leading investor in the African renewable energy market with over 750MW of renewable energy development. Currently the projects in the operational phase are mostly hydro projects with two upcoming Solar projects (Selenkei and Cedate Solar PV power projects). FMO is an investor in Frontier Energy’s II Beta K/S and a lender to many of the projects managed by Frontier Energy including the Selenkei and Cedate solar PV projects. The ELDOSOL (Cedate) project is located close to Eldoret in Western Kenya, in a predominantly rural area. In March 2019, the project reached financial close with FMO and EIB as senior lenders. Construction commenced in Q1 2019 and it is expected that the project will be commissioned in early Q3 2020.
What is our funding objective?
The proposed project will have the objective of providing access to clean water for hygiene purposes and production of face masks to prevent the spread of Covid-19. This will be done by drilling boreholes to local communities and providing materials and training for production of face masks as well as training to local tailors. The communities that are being targeted for the assistance have been identified as part of the Environmental and Social Impact Assessment carried out for the Eldosol Energy Solar PV plant project.
Why do we fund this investment?
The initiatives included in this project (water access for hygiene purposes and production of face masks) contribute directly to preventing the spread of COVID-19 and bring long-term benefits to communities. The initiatives create sustainable development and livelihood opportunities, beyond COVID-19 and support gender equality, clean water and sanitation and they further strengthen Cedate’s licence to operate among the communities. Further the project targets vulnerable groups (573 households and 4,300 community members that don’t have access to clean water) and young women will be employed in making face masks.
More investments
| Date | Total FMO financing |
|---|---|
| 9/14/2018 | USD 14.67 MLN |
- Region
- Africa
- Country
- Kenya
- Sector
- Energy
- Effective date
- 8/3/2020
- End date
- 7/14/2022
- Total FMO financing
- EUR 0.07 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+