AEE POWER VENTURES, S.L.Status: Completed investment
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Who is our customer
AEE Power Ventures (“AEE-PV”), domiciled in Spain, is a subsidiary of AEE Power Holdings SARL (“AEE”), a Spanish energy company domiciled in Switzerland and active in the development, financing, construction, and operations of energy infrastructure projects in Sub Saharan Africa.
What is our funding objective?
In December 2020, AEE-PV (together with two other partners) was retained as preferred bidder for the ESSOR Mini-Grid Project in the DRC, which aims to improve access to electricity in isolated cities by means of hybrid solar mini-grids implemented under long-term concessional structures. Concession agreements were signed in June 2021. The project will implement three independent mini-grids in the cities of Bumba, Gemena and Isiro (each with a population of over 150k people).
Why do we fund this investment?
When constructed, the first 3 years of the Project will serve over 30.000 households, and provide over 150k people with clean electricity. As one of the first mini-grid initiatives in DRC, the Project is expected to pave the way for comparable initiatives in the country.
What is the Environmental and Social categorization rationale?
Given the product provided (repayable development contribution), no extensive E&S involvement was required.
- Europe & Central Asia
- Effective date
- End date
- Total FMO financing
- USD 0.75 MLN