XLA Entoria Holdings L.P. (FMO-62589)

Regions
  • Latin America and Caribbean
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
Sep 18, 2024
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
Entoria Energy Pte 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)
$ 15.00 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)
$ 15.00 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 Oct 15, 2024

Disclosed by Bank Aug 25, 2023

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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.

As stated by the FMO, the funding objective of this investment is to satisfy a near-term capital need to start construction (and continue development) of advanced solar projects in EELA's pipeline. FMO provides equity funding for an investment up to USD 15mln. This investment supports small- and medium-sized enterprises in greening their energy consumption.

This opportunity fits well with FMO's Private Equity Energy strategy of pursuing impactful, 100% Green-labelled investments within the energy transition and increasing LAC exposure, one of the core geographies within FMO's investment mandate. The platform addresses the growing energy need in the region, while providing affordable and stable energy sources. Ultimately, the increase of distributed energy capacity plays a crucial role in reducing dependency on carbon-intense energy sources. This transaction contributes to local job creation and provision of clean & affordable energy.

As SALA will realize rooftop and ground-mount captive solar photovoltaic installations at the sites of C&I off-takers, the risks to be mitigated may vary by site but will not involve risks related to land acquisition and land-use change.

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 project risk as 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.

As stated by the IDB Invest, Entoria Energy Latin America ("EELA" or "Entoria") and FMO will co-invest in Solar Assets Latin America Pte ("SALA"). SALA is a vehicle that has been established to hold solar assets developed by EELA. EELA is an established as a pan Latin America & Caribbean ("LAC") distributed solar energy developer, a subsidiary of Entoria Energy Group, a privately held global developer, investor and operator with a leading track record in distributed solar across Europe, Asia and LAC. EELA's assets are predominantly located in Colombia, with the remainder of the exposure comprising of Ecuador, Panama and Mexico. The off-takers of the platform are creditworthy Commercial & Industrial ("C&I") clients across the region under long-term Power Purchase Agreements.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Entoria Energy Pte 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 provided at the time of disclosure.

Client - Entoria Energy Pte Ltd:

Address: #13-01 City House, 36 Robinson Road, Singapore – 068877
Email: info@entoriaenergy.com
Website: www.entoriaenergy.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