news - Monthly Transaction Overview - November 2023


Monthly Transaction Overview - November 2023

December 14, 2023

As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50-year proven track record of enabling people to employ their skills and improve their quality of life. Every month we provide an overview of our new investments, which can be seen below.


Energy as a Service provider across Asia

FMO signed a USD 50 mln loan with BECIS to fund fund commercial and industrial (C&I) solar projects in India and South-East Asia. This will create distributed clean energy infrastructure for high quality corporate customers as well as local employment and allow to save on energy costs. As a leading Energy as a Service (EaaS) provider, BECIS believes that decarbonization, decentralization, and digitalisation of energy are the keys to enabling companies to achieving sustainable operations. FMO is funding this project as there is limited commercial long-term funding available for C&I solar projects in India and South-East Asia. As such, the loan facility will enable BECIS to scale its portfolio until commercial debt funding can be attracted.

Private Equity

Asia Climate Fund
Blended finance climate investment strategy

FMO contributed USD 75 mln as an anchor investor to the responsAbility Investment AG’s launch of its USD 500 mln Asia Climate Fund investment strategy. The strategy aims to make an active contribution to CO2 reduction in Asia through targeted investments in low-emission technologies such as energy storage and efficiency, electric mobility, and renewable energy across C&I. ACF will use a blended finance approach to support high-impact climate action projects, providing energy solutions to various sub-sectors where climate financing is scarcer.

Financial Institutions

Banco Multiple Ademi
MFI market leader in the Dominica Republic

FMO signed a USD 25 mln loan in local currency with its customer Banco Múltiple Ademi (‘Ademi’), a market leader in the MFI sector in the Dominican Republic, serving the base of the pyramid segment through financial education programs, adequate financial products, and digital services to the unbanked. This deal marks the return and continuity of FMO’s partnership with Ademi, which started in 2011. The financing will be used to provide loans to microfinance entrepreneurs primarily in rural areas or for women-led businesses (85%) and to support SMEs, which are Ademi clients that have grown from the MFI sector to more structured companies (15%).

FirstRandBank Limited
Tier 1 Financial institution in South Africa

FMO signed a USD 50mln senior term loan transaction its FirstRand Bank Limited (FRB) in South Africa. The loan is part of a USD 100 mln deal led by DEG (the German DFI). FRB is a longstanding and strategic partner of FMO that is active across sub-Saharan Africa and is the second-largest financial services group in South Africa by assets.FMO’s funding will be 100% on-lent to underserved (young, female, agri, rural) MSMEs and Green SMEs active in the renewables and climate adaptation spaces. This transaction qualifies for the Reducing Inequalities and Green label.  

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