Planet Solar Energy (SL) Limited (FMO-63002)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Specific Location
Koidu (also referred to as Kono), Makoth, Bo and Port Loko
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
U
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
Nov 24, 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
Planet Solar Energy (SL) Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.07 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 EUR 0.06 MLN
Converted using 2023-11-24 exchange rate.
Media Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 26, 2023

Disclosed by Bank Dec 21, 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 objective is to provide technical guidance to Planet Solar, strengthening their capabilities to effectively manage contextual risks, stakeholder engagement, livelihood restoration, community development and gender based violence (GBV) prevention/redress, and thus achieve and maintain a solid basis for Broad Community Support.

The project aims to achieve the realization of 50 MW of renewable energy in a country with a huge gap between electricity demand and supply.

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

British International Investment (BII), Proparco, and fund manager Frontier Energy will co-finance the project along with the FMO.

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 FMO, our customer is Planet Solar Energy (SL) Limited, a company incorporated in Sierra Leone to develop five solar PV power plants in 4 distinct sites across the country: Koidu (also referred to as Kono), Makoth, Bo and Port Loko. A Special Purpose Vehicle (Frontier Energy II Delta K/S) is established in order to allow DFIs (FMO, BII & Proparco) to co-invest in Planet Solar Energy (SL) Limited.

Planet Solar is the first utility scale solar power project and the first Independent Power Producer in Sierra Leone. The company is part of the Dubai-based Planet One Group.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Planet One Group Parent Company - owns Planet Solar Energy (SL) 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 information provided at the time of disclosure.

Parent Comapny - Planet One Group:

Addresses -
Corporate Headquarters: Sovereign House, Port Causeway, Bromborough, Wirral, England, CH62 4TP
Sierra Leone: 81 Pademba Road, Freetown, Sierra Leone
Website: https://www.planetone-group.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