Evolution II (Mauritius) No. 2 LP (FMO-50277)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 23, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Inspired Evolution Investment Management
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 26.19 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported USD 22.00 MLN
Converted using 2017-12-25 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018


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Project Description

WHO IS OUR CLIENT

Evolution II (Mauritius) No 2 LP (Evolution II) is a private equity fund investing in renewable energy generating assets and energy efficiency projects in Sub-Sahara Africa. Evolution II is managed by Inspired Evolution Investment Management and has reached a first close size of USD75 million in 2016, funded by development finance institutions and developer Quantum Power.

FUNDING OBJECTIVE

Evolution targets investments which deliver social and environmental benefits as well as financial returns. Evolution II seeks to invest in in clean and sustainable electricity generation and related infrastructure, energy and resource efficiency and the food-energy-water nexus. After a successful first fund that invested in South Africa, Evolution II will move further into Africa,

WHY WE FUND THIS PROJECT

By investing in Evolution II, FMO seeks to address the market need for energy in Sub-Sahara Africa in a sustainable and responsible manner, by increased production of clean energy and use energy more efficiently.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl

 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.