EVIII SS (Mru) Ltd (FMO-65168)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Specific Location
Southern Africa
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Jul 4, 2025
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
EVIII SS (Mru) 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)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.35 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 Sep 1, 2025

Disclosed by Bank Jul 29, 2025

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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.

According to the Bank’s website, FMO's equity investment is used to acquire a majority interest in SSG together with a consortium of investors led by Inspired Evolution (via their Evolution III Fund), a specialized clean energy investment fund manager focused on renewable energy infrastructure and impact investing. The financing will further facilitate the rollout of the Company's business plan through the deployment of new C&I solar PV and BESS installations in Southern Africa.

This investment aligns with FMO's climate ambitions, supporting a sustainable, reliable and low-cost electricity alternative to the main electricity grid in a region experiencing severe energy deficits and low access to grid electricity. The investment will be 100% Green Label based on renewable electricity generation.

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.

E&S risk is considered medium (Category B), based on the average size of installations and majority of installations rooftop-mounted (only a few projects are ground-mounted on properties already owned by the Company's clients prior to the projects). Key E&S risks relate to IFC PS 1-4, with key considerations including: (i) OHS management; (ii) management of subcontractor's E&S performance; (iii) assurance of fair, safe, and healthy working conditions in line with PS2 and legal requirements for projects under construction and in operation; (iv) management of supply chain risks; (v) E&S management of few ground-based installations.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

An equity investment of USD 20.35 MLN.
Funding: FMO NV

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.

Sedgeley Solar Group ("SSG") is a solar solutions provider for commercial and industrial ("C&I") clients in Southern Africa (active under the brand name Solar Saver). SSG develops, installs, and funds embedded solar photovoltaic ("PV") systems and battery energy storage solutions ("BESS") on client properties under long term rental/offtake agreements. SSG operates in South Africa, Namibia, Botswana, and Zamibia, with more than 100 MW installed across 700+ sites.

Inspired Evolution is a clean energy investment advisory business with a focus on renewable energy infrastructure and impact investing.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Inspired Evolution Investment Management Undisclosed -
- - - - Sedgeley Solar Group Client -

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.

https://www.solar-saver.net/

No contacts available 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