Project detail - AEE POWER VENTURES, S.L.

AEE POWER VENTURES, S.L.

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Who is our client

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.

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 we fund this project

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.

Environmental and social rationale

Given the product provided (repayable development contribution), no extensive E&S involvement was required.

Region
Europe & Central Asia
Country
Spain
Sector
Energy
Signing date
7/6/2022
Total FMO financing
USD 0.75 MLN
Fund
Access to Energy Fund
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)