According to the Bank’s website, FMO is investing with EUR 11 million in a total syndicated debt facilities package of EUR 31 million provided to Walo Storage SASU ("Walo Storage"), an SPV established under the laws of Senegal. The project is developed and owned by Africa REN, an existing FMO client who is an IPP in West Africa.
FMO's 16 years loan of EUR 11 million will catalyse a EUR 11 milion loan from the Emerging Africa Infrastructure Fund and USD 1.5 million Viability Gap Funding and mobilize an additional EUR 8 million from the Access to Energy Fund with a 19-years tenor. This financing will enable the development, construction and operation of a 10 MW / 20 MWh battery storage facility and 16 MW solar power plant with a total project cost of around EUR 40 million. It will be located in Bokhol, Northern Senegal, near the Senergy 2 solar plant that is also owned by Africa REN and financed by FMO.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Africa REN||Parent Company||-|
|-||-||-||-||Walo Storage SASU||Client||-|
No contact information provided at the time of disclosure.
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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