AEE POWER VENTURES, S.L.
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
AEE Power Ventures (“AEE-PV”), domiciled in Spain, is a subsidiary of AEE Power Holdings SARL (“AEE”), a Spanish energy company domiciled in Switzerland and active in the development, financing, construction, and operations of energy infrastructure projects in Sub Saharan Africa.
What is our funding objective?
In December 2020, AEE-PV (together with two other partners) 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. Concession agreements were signed in June 2021. The project will implement three independent mini-grids in the cities of Bumba, Gemena and Isiro (each with a population of over 150k people).
Why do we fund this investment?
When constructed, the first 3 years of the Project will serve over 30.000 households, and provide over 150k 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.
What is the Environmental and Social categorization rationale?
Given the product provided (repayable development contribution), no extensive E&S involvement was required.
- Region
- Europe & Central Asia
- Country
- Spain
- Sector
- Energy
- Effective date
- 7/6/2022
- End date
- 8/9/2022
- Total FMO financing
- USD 0.75 MLN
- Funding
- AEF-I