• Burkina Faso
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
Bank Risk Rating
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.
Société de Production d’Energie Solaire de Ouagadougou S.A.S.
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.78 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 EUR 5.98 MLN
Converted using 2020-07-08 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 23, 2020

Disclosed by Bank Jul 8, 2020

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Project Description

FMO is investing into Societe de Production d'Energie Solaire de Ouagadougou S.A.S. ("SPESO" or "Nagreongo" or "the Project"), an SPV established under the laws of Burkina Faso with a total syndicated debt of EUR 21.8 million. The Sponsor is GreenYellow S.A.S. which is in turn owned by the Casino Guichard-Perrachon S.A., a retail conglomerate quoted on the Paris stock exchange. GreenYellow has a large portfolio of rooftop solar power plants with C&I clients in France and is an established IPP in Madagascar, Mauritius and S. America.

FMO's loan of EUR 7.2 million will catalyze EUR 8.2 million from ICCF both for a 14 and a half-year tenor and mobilise a further EUR 6.4 million from AEF which will have a longer 20-year tenor. This financing will allow for the development, construction, operation and maintenance of a 30MWp solar farm with a total project cost of EUR 27.3 million. This is a greenfield renewable energy development in a low-income sub-Saharan country. Nagreongo will provide clean, reliable electricity to a country that has one of the lowest electrification rates in West Africa at a lower price than current thermal power stations. FMO's tenor of up to 20 years is not available in the Burkina Faso market and allows the project to offer an attractive tariff to the Government of Burkina Faso.


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

No contact information provided at the time of disclosure


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