CITRUSCO SAC
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
CitrusCo SAC was established in 2014 and is located in Pisco, Peru. Becoming a member of a group of Peruvian companies owned by a Dutch entrepreneur, CitrusCo will produce high quality mandarins and tangerines almost exclusively for the fresh fruit market. CitrusCo's main markets will be Europe, the USA, Asia and the growing Latin American market. It is expected that 65% of the fruits will be exported.
What is our funding objective?
The financing of CitrusCo SAC will be used for the expansion of the Dutch entrepreneur's existing facilities in Peru. With the end goal of producing citrus fruits on 200 ha, the investments will concentrate on land levelling, drilling wells, acquisition and installation of drip irrigation, addition of compost, planting seed material in the third party nursery, transplanting baby drills, purchase of cars and machinery and acquisition of a reservoir.
Why do we fund this investment?
The entrepreneur has an extensive and good track record and Peru is a very suitable country for growing mandarins. Furthermore, demand for high quality mandarins is growing in the local and foreign markets. The funding of the project at hand will also be a good follow-up on financing received by the entrepreneur from the Dutch Government in the past and used for, amongst others, infrastructure development that CitrusCo will also benefit from. Next to that, this transaction fits the focus of the former FOM OS fund, agriculture and the production of food. Lastly, the establishment of this project will create 73 new jobs.
More investments
| Date | Total FMO financing |
|---|---|
| 6/27/2014 | USD 5.50 MLN |
- Website customer/investment
- http://www.crystalocean.com.pe
- Region
- Latin America & The Caribbean
- Country
- Peru
- Sector
- Agribusiness, Food & Water
- Effective date
- 12/14/2017
- End date
- 8/20/2020
- Total FMO financing
- USD 5.50 MLN
- Funding
- Fund Emerging Markets
-
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