Project detail - ManoCap Energy (Evolution C&I)

Who is our prospective customer?

ManoCap Energy ("ManoCap") is a renewable energy developer focused on financing, building, owning and operating distributed solar photovoltaic (PV) and battery energy storage system (BESS) projects for commercial and industrial (C&I) customers across West Africa. Established in 2020, ManoCap is owned by Inspired Evolution (60%), E3 Capital, formerly Energy Access Ventures (12%), and its management (28%). The company develops projects under long-term customer contracts, targeting businesses seeking reliable, affordable and sustainable electricity solutions while reducing dependence on diesel generation and unreliable grid supply. ManoCap's existing operations are concentrated in Ghana and Sierra Leone, with plans to expand into additional West African markets including Nigeria and Benin.

What is our funding objective?

FMO intends to provide up to USD 20 mln of financing, split between a USD 10 mln committed facility and a USD 10 mln uncommitted facility, to ManoCap Energy through a combination of senior debt from FMO-A and subordinated debt from FMO's Access to Energy Fund (AEF). The financing will support the continued growth of ManoCap's commercial and industrial renewable energy business across West Africa. The proceeds will be used to finance the development, construction and operation of solar PV and battery energy storage projects serving commercial and industrial customers.

Why do we want to fund this investment?

The proposed investment will support increased access to reliable, affordable and clean energy for businesses operating in markets where electricity supply remains constrained and where diesel generation is frequently used as a primary or back-up source of power. Through the deployment of captive solar PV and battery storage systems, the transaction is expected to reduce greenhouse gas emissions, lower operating costs for businesses and support economic activity in West Africa. FMO's investment aims to support activities that contribute to climate mitigation through the development of renewable energy infrastructure and the displacement of diesel-based generation, contributing to SDG 13 in line with FMO's methodology for green finance attribution. FMO’s investment aims to support activities that contribute to financial flows to LDCs, and Gender Lens Investing, and Inclusive growth contributing to SDG 10 and SDG 5.

What is the Environmental and Social categorization rationale?

FMO has assigned an Environmental and Social (E&S) Category B+ to this transaction. The proposed financing supports a portfolio of distributed solar PV and battery storage projects across multiple jurisdictions and customer sites. Key E&S risks identified during due diligence relate to occupational health and safety, contractor management, labor and working conditions, supply chain management, community health and safety, environmental management during construction and operation, and the effective implementation and monitoring of environmental and social management systems across a growing regional platform. An Environmental and Social Due Diligence has been conducted, and an Environmental and Social Action Plan (ESAP) will be agreed with the company to address identified gaps and strengthen management systems in line with FMO's requirements. The following IFC Performance Standards are applicable: • PS 1: Assessment and Management of Environmental and Social Risks and Impacts • PS 2: Labor and Working Conditions • PS 3: Resource Efficiency and Pollution Prevention • PS 4: Community Health, Safety and Security Depending on the portfolio growth, PS 5 (Land Acquisition and Involuntary Resettlement), PS 6 (Biodiversity Conservation and Sustainable Management of Living Natural Resources), PS 7 (Indigenous Peoples) and PS 8 (Cultural Heritage) may become applicable to future investments.

More investments

Date	Total FMO financing
10/15/2026	USD 7.50 MLN