Starsight Premier Energy Finance Limited
Status: Approved 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
Starsight Premier Energy Finance is the financing arm of Starsight Premier Energy Group (SPEG). SPEG offers sustainable solar power and storage solutions to C&I clients in Kenya, and plans to expand to Uganda, Tanzania, and Rwanda in 2023 and 2024.
What is our funding objective?
To finance Solar PV and storage energy solutions for the commercial and industrial sector in East Africa
Why do we fund this investment?
There is a lack of long-term financing for distributed energy. Most local markets are not yet able to offer asset finance loans and/or meet the tenor requirements (8-10yrs) for this type of transactions. FMO and responsAbility are filling this gap by providing a long term loan.
What is the Environmental and Social categorization rationale?
Category B+ due to solar PV C&I construction, operation, and maintenance as well as limited battery storage; posing limited risks and possibility for effective mitigation. Key risks are related to occupational health and safety, social accountability with regard to (sub)contractor management (e.g. working conditions, remuneration, recruitment and onboarding etc.) as well as contextual risks (including the human rights issues occurring in the global solar supply chain). The following Performance Standards are triggered by the transaction: PS 1 Assessment and Management of Environmental and Social Risks and Impacts, PS 2 Labour and Working Condition, PS 3 Resource Efficiency and Pollution Prevention, PS 4 Community Health, Safety and Security (to some extent). PS 5 Land Acquisition and involuntary resettlement, PS 6 Biodiversity Conservation and Sustainable Management of Living Natural Resources, PS 7 Indigenous People and PS 8 Cultural Heritage are not triggered as no land acquisition will take place, solar PV structures will be mainly be rooftop structures on existing C&I sector companies premises.
- Website customer/investment
- http://www.premiersolargroup.com
- Region
- Africa
- Country
- Kenya
- Sector
- Energy
- Publication date
- 11/22/2022
- Effective date
- 6/16/2023
- Total FMO financing
- USD 10.00 MLN
- Funding
- Building Prospects
-
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+