ENERGY VISION LIMITED (FMO-61688)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Mauritius
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
A
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
Mar 28, 2023
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
Energy Vision Ltd.
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)
$ 25.00 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)
$ 25.00 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.
Primary Source

Original disclosure @ FMO website

Updated in EWS Nov 5, 2024

Disclosed by Bank Oct 25, 2022

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

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.

According to bank provided information, Energy Vision Ltd. is an energy services company (ESCO) providing end-to-end energy services to telecom towers owned by mobile network operators or tower companies. EV's business model is to reduce the reliance on expensive and carbon-intensive diesel generators by installing hybrid power equipment (a combination of batteries, solar panels and diesel generators, all controlled by a remote monitoring system), implementing energy efficiency measures, and where possible connect off-grid towers to the grid. This leads to substantial cost reductions and GHG savings. EV was incorporated in 2014 and as of September 30, 2022 provides energy services to around 680 towers in Gabon (for Airtel) and Nigeria (for 9mobile and MPS). EV is owned by its co-founders, South African PE fund Metier through its MSCII Fund and Israel-based asset manager Altshuler Shaham, through its Altshuler Shaham Provident and Pension Fund.

The objective of FMO's proposed financing is as follows: (i) to refinance existing OpCo's debt in full; (ii) to finance the procurement, construction and installation of hybrid energy equipment, including battery storage solutions, DGs and renewable energy solutions related to new contracts; (iii) to finance the Borrower's project development costs associated with a new contract; (iv) to finance the Borrower's and OpCo's operating costs; and (v) to pay agreed fees, costs and expenses incurred in connection with the debt funding transaction. At least 50% of the proceeds are to be used in Sub Saharan Africa, the remainder in Asia (all in FMO eligible countries).

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 FMO categorized the E&S risks of the project as 'B+'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Energy Vision 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.

*Contact information not provided at the time of disclosure*

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