Althelia Sustainable Ocean Fund SIF S.C.A. (FMO-53527)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Colombia
  • Guatemala
  • Honduras
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
Proposed
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.
Borrower
Sustainable Ocean Fund
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 23, 2019

Disclosed by Bank May 25, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The Sustainable Ocean Fund ("ASOF") is an investment initiative of Ecosphere Capital Ltd (UK) or "ECL". ECL is a JV between Althelia Climate Fund GP S.a.r.L. ("ACF GP") and Mirova, the impact investment arm of Natixis Global Asset Management.

This proposed 7.5 mln loan will be invested as equity in ASOF, which will originate, structure and provide finance to (i) sustainable fisheries / aquaculture projects, (ii) seafood supply chains and (iii) coastal development-/conservation projects.

This project has a risk category of A. According to the FMO website:

"IFC Performance Standards 1-4 and 6 are triggered. IFC PS 5, 7 and 8 are not expected to be triggered as the ASOF project selection process foresees elimination of any land resettlement and focuses on strengthening ecosystem-based services that benefit local communities and contribute to protection of local cultural sites. All projects are small-scale, have no significant E&S risks, but high potential for benefits for the marine ecosystems and communities dependent on them. The reason for the A risk categorisation is that The Fund will operate in E&S high-risk countries (e.g. Colombia, Honduras and Guatemala) and sectors (e.g. aquaculture)." 

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

*No project contacts available at the time of disclosure."

 

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.