Africa Go Green (IFC-46290)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
Nov 7, 2022
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
AfricaGoGreen Fund for Renewable Energy and Energy Efficiency S.C.S. (SICAV-RAIF)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Finance
  • Industry and Trade
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 47.00 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.
Project Cost (USD)
$ 250.00 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 @ IFC website

Updated in EWS Nov 3, 2024

Disclosed by Bank Sep 8, 2022

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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.

Africa Go Green (“AGG”) is a dedicated pan-African greenhouse gas emission reduction debt fund, established by KFW with the support from the German Government. AGG primarily focuses on Energy Efficiency and Renewable Energy opportunities, with a prioritization on West African countries. AGG is raising up to US$250 million capital comprised of debt, senior equity and junior equity. AGG will provide medium to long-term debt, mezzanine financing, and guarantees as well as technical assistance for green housing, green appliances, industrial energy efficiency and green mobility sectors.    

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 project is categorized as FI-2 by the IFC.

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

The proposed investment of up to US$47 million is comprised of: (i) up to US$30 million debt for IFC’s own account; (ii) up to US$15 million senior equity from IDA PSW Blended Finance Facility (“IDA PSW BFF”); and (iii) up to US$2 million senior equity for IFC’s own account.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

From the IFC's website:

In addition to a ca. US$50 million junior equity anchor investment from KFW, and equity commitments from the Sustainable Energy Fund for Africa, the African Development Bank and the Nordic Development Fund, AGG will have multiple shareholders, including IFC, and will be managed by Lion’s Head Global Partners (“LHGP AM”) and its EU AIFM: LHNL AM BV.. LHGP provides fund raising, investment planning, deal sourcing, and fund management services. To date LHGP has raised four debt funds with commitments of nearly US$600 million. LHGP is part of Lion’s Head Group, a leading investment banking and asset management firm established in 2008 and focused on frontier and emerging economies. LHG maintains a team of 60 professionals across offices in London, Nairobi, Lagos, New York, Dubai, and Amsterdam. Clients include a diverse array of corporations, development finance institutions, sovereigns, and foundations.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Financial Intermediary - Lion's Head Global Partners:

Laurène Aigrain - Executive Director, Africa Go Green Fund
Phone: +44 (0) 20 7340 0400
Email: info@lhgp.com
Address: Africa Go Green Fund, 130 Buckingham Palace Road, London SW1W 9SA
Website: www.agg-fund.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works