SOLARX (FMO-61199)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Burkina Faso
  • Mali
  • Senegal
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 2, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SolarX
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.49 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 2.49 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2.5
Converted using 2022-09-02 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 24, 2024

Disclosed by Bank Jun 22, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

FMO proposes to invest up to EUR 5m (consisting of EUR 2.5m, with an option for a EUR 500k top-up) through a convertible note and EUR 2.5m mezzanine. FMO investee Energy Access Ventures Fund, has invested EUR 4.5m in the Company's previous round through EUR 1.5m in equity and EUR 3m in Mezzanine.

SolarX provides clean, affordable power in Mali, Burkina Faso and Senegal (least developed countries and highly vulnerable to climate change), 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.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The category assigned to this project by the FMO is B+.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

SolarX is a Commercial and Industrial solar rooftop business active in Mali, Burkina Faso and Senegal. SolarX offer affordable, clean and reliable power assets with attractive economics to its customers that rely on high cost gensets and/or an unreliable (and expensive) grid. SolarX specializes in the development, construction and operation of grid-connected, stand alone and hybrid solar PV installations in Mali, Burkina Faso and Senegal.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - SolarX Ltd Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts available at the time of disclosure.

Client - SolarX:

Addresses -
Mali: Bamako, Niaréla : Rue 413, Porte 43
Burkina Faso: Secteur N° 19, Somgandé, lot 08, parcelle 15, section W, Commune de Ouagadougou, Province Du Kadiogo
Phones -
Mali: +223 90 72 00 00
Burkina Faso:+226 76 93 45 12
Email: info@solarx-africa.com
Website: https://solarx-africa.com/

 

 

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@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

How it works

How it works