AKUO KITA SOLAR S.A.
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
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
FMO ‘s client is Akuo Kita Solar, who develops a 50MW Solar PV plant in Mali in the Kayes region, 4 km from Kita town.
What is our funding objective?
FMO provides EUR 17.2 mln senior debt to Akuo Kita Solar. The objective of FMO’s financing is to fund the development, construction and operation of a 50 MW Solar park located near Kita.
Why do we fund this investment?
FMO funds this project as it provides an additional source of clean, renewable energy to Mali. Mali currently has a demand for electricity which exceeds its reliable generation capacity by over 45%. Much of Mali’s current power is supplied by imported power and expensive thermal energy. By funding Akuo Kita Solar, FMO contributes to increasing Mali’s power supply, increasing electrification rates and replacing expensive thermal generation with cheaper, renewable solar energy.
What is the Environmental and Social categorization rationale?
The project environmental and social risk category is B+. This is because the project is greenfield, includes a Construction Phase, and requires land. The applicable IFC Performance Standards are 1,2,3,4,5 and 6. Not applicable are PS 7 and 8. IFC PS 7 is not applicable because the ESIA did not identify people in the project region qualifying as Indigenous. IFC PS 8 is not applicable because no cultural significant objects and places where found in the project zone.
More investments
| Date | Total FMO financing |
|---|---|
| 10/23/2017 | EUR 6.85 MLN |
- Region
- Africa
- Country
- Mali
- Sector
- Energy
- Publication date
- 5/11/2017
- Effective date
- 10/23/2017
- Total FMO financing
- EUR 10.34 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+