FMO is investing EUR 500k in alongside lead-investor Energy Access Ventures Fund, who will invest EUR 1.5m. The Funding objective is to provide the company with the necessary capital to successfully complete the development stage of adding solar and battery storage capacity to the company's existing mini-grids. The project has a high developmental impact ZIZ provides clean, affordable power in Chad (a least developed country), thereby positively affecting access to electricity, reducing the cost of electricity, displacing polluting diesel-powered electricity generation and thereby reducing CO2 emissions and creating local employment.
ZIZ is a vertically integrated provider of off-grid energy operating in Chad. The Company sells electrical equipment, performs EPC services and operates mini-grids in 5 cities in the country. ZIZ develops, finances, builds and operates metro-grids (hybrid plant + electric urban network for cities of more than 25,000 inhabitants). ZIZ currently operates in 5 secondary cities in Chad where it plans to hybridise its existing diesel- power plants with solar and battery storage capacity.
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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