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 empowering people to employ their skills and improve their quality of life. Each month we give an overview of the transactions we have signed.
Kılıç Deniz
Aquaculture enterprise - Türkiye
FMO signed a new 7-year term loan facility of EUR 50 mln for Kılıç Deniz, a leading aquaculture player in Türkiye, which is engaged in growing and producing sustainable, certified fish. The funds are used to finance up to EUR 25 mln of capex investments related to the construction of a new fish feed mill, warehouses, and relocation of the existing fish feed mill, and the remaining EUR 25 mln is used for working capital requirements to meet the growing business needs of Kılıç Deniz. With this transaction, FMO contributes to the production and distribution of fish, as a nutritious and climate-smart animal protein. FMO labels the investment 100% Green and 100% Reducing Inequalities.
Trans-Oil Group Commodities S.A.
PreCrop Facility: prefinancing of agricultural operations in Moldova
Trans-Oil Group (“TOG”) is a vertically integrated agro-industrial group based in Moldova with operations in Moldova, Romania, Ukraine, and Serbia. TOG has been an FMO client since 2011. FMO has three concurrent facilities, including this one under which, FMO is participating in a USD 43 mln facility to pre-finance the seasonal costs of farming on more than 70,000 hectares in Moldova. FMO’s total stake is USD 25 mln, inclusive of USD 13 mln of exposure for FMO-A.
Zambeef Products PLC
Largest vertically integrated agribusiness in Zambia
Zambeef plays a major role in food security in Zambia and the wider region by supplying the population with locally produced staples and proteins. FMO took a USD 10 mln unfunded risk participation (URP) in a USD 20 mln working capital facility from Standard Chartered Bank Mauritius (SCBM) to Zambeef, a former FMO client. This 4-year URP carries a 100% RI label via the nutritious foods track and contributes to the growth of our portfolio in LDCs. Zambeef will utilize this additional working capital funding to grow its primary production and processing divisions, which are critical to strengthening food security in Zambia, especially at this time when Zambia is pulling all levers to recover from the harshest drought the country has experienced in the last 40+ years.
First Valley Bank Inc
Development bank in the Philippines
FMO has provided a USD 15 mln term facility to First Valley Bank in The Philippines, and catalysed another USD 15 mln from the French DFI Proparco, resulting in a total transaction of USD 30 mln. First Valley Bank is a development bank based in the Philippines, with a strong presence on the islands of Mindanao and Visayas. The bank primarily serves small and medium enterprises (SMEs) and farmers, providing financial services to support agricultural production, small-scale commercial, and trade businesses. Because of this inclusive business model, the transaction qualifies 100% for SDG 10 Reduced Inequalities.
Ho Chi Minh City Development Joint Stock Commercial Bank (HD Bank)
Bank in Vietnam
HD Bank is one of the leading private banks in Vietnam. FMO invested USD 30 mln in the first Green Bond issued by HD bank. In the past, FMO used to have a Trade Facility line with HD Bank, this investment is the revamping of the relationship between the respective institutions. The transaction is impactful as it contributes to sustainable growth of the Vietnamese economy. The proceeds of the bond will be used to finance projects that contribute to the greening of the economy, very much in line with FMO’s strategy to contribute to SDG 13 Climate Action.
Lula
Tech based lending platform in South Africa
FMO is playing an active role in expanding SME finance in South Africa by providing USD 20 mln in local currency funding to Lula, a technology‑driven lending platform serving underserved micro, small, and medium enterprises (MSMEs). The investment will significantly increase Lula’s capacity to on‑lend to SMEs that face barriers to traditional bank financing due to limited collateral, short credit histories, or volatile cash flows. By offering local currency funding, FMO reduces foreign exchange risk for both Lula and its borrowers, enabling more stable and sustainable lending terms. Lula has experienced strong growth in recent years, supported by prior equity and debt rounds from IFC, Lightrock, Quona Capital, DEG, Triodos Investment Management, and others. FMO’s new financing strengthens Lula’s ability to deliver fast, flexible working capital to thousands of additional SMEs through its digital platform, contributing to a more inclusive and resilient SME ecosystem in South Africa.
Namdev Finvest Private Limited
Non-Banking Financial Company in India
FMO has provided a local currency equivalent of a USD 20 mln listed NCD transaction with Namdev in India. Namdev is a non‑deposit taking NBFC established in 2013. The company operates across rural and semi‑urban areas and focuses on (secured) lending to MSMEs, while also supporting two-wheeler financing, solar loans, and electric vehicles. The proceeds will enable Namdev to further expand its MSME portfolio, targeting micro-borrowers, women-owned or women-led SMEs, youth and rural entrepreneurs. This investment contributes 100% to SDG 10 Reducing Inequalities, as it promotes financial inclusion and strengthens access to finance for underserved segments across India’s rural and semi-urban regions.
SK Finance Limited
Non-Banking Finance Company in India
SK Finance Limited is a regulated NBFC primarily active in north-western India and has been an FMO client for 11 years. The company provides asset-backed financing in the vehicle and MSME lending segments, targeting underserved entrepreneurs in rural and semi-urban areas, currently serving more than 450.000 clients through over 650 branches in 12 States in India. The company provides mainly vehicle financing (~75% of portfolio) and secured loans to MSMEs (~25%). FMO is providing a USD 50mln (in INR equivalent) senior loan facility (through listed NCD subscription) to support on-lending to micro- and small enterprises. The transaction carries a 100% Reducing Inequalities label as well as a 50% Green label, reinforcing FMO’s strategy to improve access to (green) finance in low-income markets.
AMEA Power
Dubai‑based renewable energy developer
FMO is providing USD 126.5 mln to support Abydos II, a landmark 1,000 MW solar PV plant integrated with a 300 MW / 600 MWh BESS, the largest project of its kind in Africa. FMO finances the project as a parallel lender within a USD 571.8 mln package led by IFC, alongside DEG, BII, the OPEC Fund, and Europe Arab Bank. Developed by AMEA Power and Kyuden International, Abydos II will deliver over 3 million MWh of clean electricity annually, cut 1.6 million tons of CO₂ per year, and supply reliable zero‑emission power through its integrated storage system. Its tariff of 2.8 USD¢/kWh (far below Egypt’s current generation cost), supports fiscal savings and affordable clean energy. The project will also generate over 4,000 local jobs and help develop domestic BESS expertise.
Central Puerto S.A.
Financing Argentina’s first grid‑scale BESS
FMO is financing Central Puerto’s latest expansion by providing a USD 50 mln B1 Loan with a 9‑year tenor as part of a USD 300 mln senior unsecured corporate facility arranged by IFC. The financing package will enable Central Puerto, one of Argentina’s largest private power generators, to carry out two strategic activities:
the development of a 150 MW / 400 MWh Battery Energy Storage System at its Nuevo Puerto site in Buenos Aires, aimed at improving grid stability and supporting renewable energy integration; and the renewal of the concession for the 1.4 GW Piedra del Águila hydropower plant. FMO’s participation supports critical investments that enhance system flexibility and secure long-term hydropower capacity in Argentina.
LCV Ecoener Solares Dominicana S.R.L. (Payita)
Solar power plant with battery storage capacity in the Dominican Republic
FMO is financing the Payita solar‑plus‑storage project by providing USD 27.5 mln in senior secured, non‑recourse debt under the Friendship Facility, including USD 13.8 mln mobilized to the SDG Loan Fund. Together with Proparco (USD 55 mln) and DEG (USD 27.5 mln), FMO helped complete a USD 110 mln debt package. The financing supports Payita, a 120 MW solar PV project with 15 MW of battery storage, located in María Trinidad Sánchez in the Dominican Republic. The project is developed through LCV Ecoener Solares Dominicana S.R.L., an SPV owned by Spanish renewable energy developer Grupo Ecoener. This transaction marks FMO’s first direct exposure to battery storage and merchant offtake risk in the country. The project will add clean generation to meet fast‑growing electricity demand and enhance grid stability through integrated storage, contributing to the Dominican Republic’s energy transition goals. Payita received a 100% green label.
Blacksoil Capital Private Limited
Merger between FMO investee Caspian Debt and Blacksoil
FMO first invested in Caspian Debt, an Indian NBFC with a strong sustainability focus, in 2013 through MASSIF. Although Caspian performed steadily, its growth was constrained by limited access to new capital. To strengthen its long‑term prospects, FMO helped initiate a strategic merger with BlackSoil Capital, a commercially oriented NBFC active in early‑stage and SME lending. FMO not only swapped its Caspian stake for shares in the merged entity but also provided INR 600 mln (EUR 5.8 mln) in fresh equity capital to support scale‑up, and transitioned the investment from MASSIF to FMO-A.
Ecofy Finance Private Limited
Green Non-Bank Financial Institution in India
Ecofy is a rapidly growing green lender based in Mumbai, India. It provides financing for electric two‑ and three‑wheelers, rooftop solar systems, and SME financing for green purposes, helping households and small businesses adopt sustainable solutions that traditional lenders cannot offer. Doubling down on the original investment (2024, EUR 10 mln), FMO committed an additional EUR 6.2 mln, equally funded by Massif and Building Prospects, to further scale Ecofy’s lending portfolio. This was part of a USD 40 mln funding round, with BII and Finnfund joining as new shareholders. The transaction is fully aligned with FMO’s impact ambitions, carrying both a 100% Reducing Inequalities label and a 100% Green label.
