Project detail - Nithio FI B.V.

Nithio FI B.V.

Status: Approved investment
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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

Nithio FI B.V. (“Nithio”) is an open-end debt fund, managed by Nithio Finance Inc. The Fund is operational since 2021 and finances energy access companies in Sub-Saharan Africa (primarily PAYGO solar). Nithio uses a machine learning based tool to standardize credit risk assessment by predicting credit risk at household level, allowing it to finance smaller (locally owned) borrowers in an efficient manner.

What is our funding objective?

FMO will invest USD10mln from the Access to Energy Fund into the Fund’s senior debt layer. Upon FMO’s entry the total vehicle is expected to have raised around USD50mln, with further funds envisaged to be added in subsequent years. FMO’s funding will be invested into multiple energy access companies.

Why do we fund this investment?

Lack of energy and financial access to the Bottom of the Pyramid (BoP) and businesses continues to hold back social and economic development in (particularly) SSA. The Fund is highly aligned with FMO’s strategy to support initiatives relating to distributed energy. The investment is expected to have a positive economic, social and environmental impact. FMO’s Green and Reducing Inequality labels apply (100%), given Nithio’s inclusive and green activities.

What is the Environmental and Social categorization rationale?

This transaction is labelled as E&S risk category B, similar to the classification of other off-grid and renewable energy debt funds in FMO’s portfolio. The fund focuses primarily on companies providing Access to Energy to the Bottom of the Pyramid. While these generally have a low risk profile, activities do come with potential limited adverse risks associated with waste management and labour conditions. The following Performance Standards are triggered by the transaction: PS 1 Assessment and Management of Environmental and Social Risks and Impacts, PS 2 Labor and Working Condition, PS 3 Resource Efficiency and Pollution Prevention, PS 4 Community Health, Safety and Security. PS 5 is not triggered as there is no land acquisition (corporate facility). PS 6 is not triggered as no Biodiversity Conservation and Sustainable Management of Living Natural Resources were identified. PS 7 is not triggered because no impacts on local groups qualifying as Indigenous were identified. PS 8 is not triggered as no cultural objects or places were identified.

Website customer/investment
Publication date
Effective date
Total FMO financing
USD 10.00 MLN
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)