SIMA Off-Grid Solar and Financial Access Senior Debt Fund 1 B.V. (DFC-SIMAOFFGRIDSOL)

Countries
  • Burkina Faso
  • Cambodia
  • Ghana
  • India
  • Ivory Coast
  • Kenya
  • Nigeria
  • Pakistan
  • Rwanda
  • Senegal
  • Tanzania
  • Uganda
  • Zambia
  • Zimbabwe
Where the impacts of the investment may be experienced.
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
SIMA Off-Grid Solar and Financial Access Senior Debt Fund 1 B.V., a Netherlands Beslooten Venootscha
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ DFC website

Updated in EWS Sep 4, 2019

Disclosed by Bank Feb 22, 2019


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Project Description

According to bank documents, energy and financial access represent two significant but underdeveloped markets that continue to hold back low-income households from improving their economic and health status. Over 1.2 billion people lack electricity in Sub-Saharan Africa and Asia and instead rely on kerosene as a primary source of lighting and energy. Off-grid solar product offerings are a promising alternative to kerosene, as they are cleaner, safer, brighter, more reliable, and ultimately cheaper. However, the off-grid solar industry lacks access to sector-specific financing to support its growth, which is a key impediment to reaching scale in the developing world. In response to this need, SIMA has launched the Fund, which provides financing for the provision of clean energy and financial inclusion products to low-income customers in Sub-Saharan Africa and South Asia. OPIC will participate as an anchor investor to the Fund. SIMA estimates that the Fund will provide 1.25 million individuals with access to off-grid solar energy while eliminating 4.6 million tons of CO2 emissions. 

Investment Description

Proposed OPIC Loans: $15,000,000 Super Senior Loan and $5,000,000 Senior Loan, both maturing on October 9, 2021 

Contact Information

No contact information provided at the time of disclosure.