A selection of our investments

Red Rocket Holding

South African renewable energy developer

US$100 million equity | FMO | SDG 8, 13

Red Rocket is an independent power producer based in Cape Town, South Africa. It develops, owns, and operates renewable energy projects throughout the continent of Africa. To date, Red Rocket has a 2,727 megawatt project portfolio in operation, under construction, and/or ready to reach financial close. In 2023, FMO contributed a US$100 million equity commitment to acquire, together with a consortium of investors, an interest in Red Rocket Holdings and to make a new capital injection of US$160 million. This 100% Green financing will contribute to the long-term development, construction, and operation of (greenfield) renewable energy projects, with a focus on wind and solar to reduce the country’s emissions.

Cash Plus

Financial service provider in Morocco

€17 million equity | FMO | SDG 8, 10

Cash Plus is a licensed payment service provider in Morocco and one of the leading payment institutions in the country with around 3,900 Point of Sale locations. By providing cash-in and cash-out services for inbound (inter)national remittances, Cash Plus provides the underserved with the opportunity to make and receive payments and withdraw transferred funds in cash. As part of a consortium with MC IV and IFC, FMO provided a €17 million equity injection to support the growing demand for (digital) payment services in Morocco. The financing provided - to the tune of €57 million - will support Cash Plus’ (inter)national expansion, and boost their digital financial services, such as their M-Wallet.

Walo Storage S.A.S.U.

Battery storage project in Senegal

€31 million debt | FMO, AEF, direct mobilized funds | SDG 7, 8, 10 13

While Senegal has relatively high electrification rates of 88% in urban areas, rural regions reach only 38%. Africa REN, an independent power producer in West Africa, developed the Walo Storage project in Senegal, the first battery storage project in the region dedicated to frequency regulation. This new technology will stabilize grid frequency and reduce power outages, critical in a country that faces grid constraints due to limited spinning reserves. FMO committed €19.5 million to the project, with €8 million from the Access to Energy Fund as part of a €31 million syndicated facility. Africa REN will develop, construct, and operate a 10 MW/20MWh battery storage facility and 16 MW solar power plant in Bokhol, the north of Senegal. This will help Senegal generate 16MW of green energy, while avoiding up to 21,000 tons of CO2 annually.

Merensky Timber

Timber company in South Africa

US$20 million equity | FMO | SDG 8, 13

Forestry plays an important role in climate change mitigation, and plantations provide significant carbon sequestration and storage opportunities. Merensky Timber is one the leading integrated plantation and processing group of companies in Africa with a base of 65,000 hectares of pine and eucalyptus plantations and three sawmills across South Africa. They supply a range of FSC-certified forest products to meet the demand of Africa and global markets. To support the sustainable forestry sector and bolster the local economy through job creation, FMO invested US$20 million together with Africa Forestry Fund II (totaling US$40 million), a forestry fund managed by Criterion Africa Partners. The co-investment also supports value creation initiatives including a gradual increase in carbon sequestration conversion from pine to eucalyptus.

Genneia S.A.

Renewable energy generation company in Argentina

US$85 million debt | FMO, direct mobilized funds | SDG 7, 8, 13

Genneia is a champion in the Argentinian renewable energy sector, holding roughly a quarter of the country’s installed renewable energy capacity. They have a gross installed capacity of around 1,330 MW, with around 966 MW stemming from wind and solar plants. To support climate mitigation, FMO arranged a US$85 million syndicated facility, while contributing US$45 million to its long-term customer. The funding will finance the construction of two greenfield renewable energy projects: a 60 MW photovoltaic solar plant, and a 140 MW wind farm. Both projects will supply green electricity to corporate offtakers, enabling these companies to meet their sustainability targets.

Dashen Bank Share Company 

Universal bank in Ethiopia

US$20 million debt | MASSIF | SDG 2, 8, 10

Ethiopia’s agricultural sector employs 80% of the population, contributes 39% to the GDP and generates 90% of its foreign currency from exports. However, access to foreign exchange is severely limited. To drive agricultural exports in Ethiopia, FMO provided a senior loan of US$20 million to its new customer Dashen Bank. It is one of the largest private banks in Ethiopia, focused on corporate and SME banking in the agricultural sector. It serves over 5 million customers through more than 850 branches and employs more than 10,000 people. FMO’s first direct loan to an Ethiopian financial institution will provide much-needed capital for the expansion of growing businesses, supporting farmers to increase productivity and boost earnings. This will contribute to financially inclusive growth in the country.

HPW Fresh & Dry Ghana

Tropical fruit producer active in West Africa

€2 million debt + €320k TA | Building Prospects | SDG 2, 8, 10, 13

HPW Fresh & Dry (HPW) is a responsible producer of tropical dried fruits and fruit snacks. With two subsidiaries in Ghana and Côte d'Ivoire, HPW has expanded into one of the leading dried fruit producers in West Africa that supplies the international market. Together, they employ around 2,000 workers and directly positively impact roughly 1,500 smallholder farmers. FMO provided a €2 million loan through the Building Prospects Fund to support HPW Ghana’s working capital needs and factory expansion. FMO also provided a technical assistance grant to support farmers and processors in Burkina Faso to improve produce quality. This will support smallholder farmers in fragile contexts and strengthen the agribusiness value chain.

Khan Bank JSC 

Commercial bank in Mongolia

US$35 million debt | FMO | SDG 8, 10, 13

Mongolia faces significant environmental challenges: air pollution in Ulaanbaatar, the capital, is among the highest in the world, in part due to burning wood and coal at home and coal power plants. The average temperatures have also increased faster than the global average. As part of FMO’s commitment to climate action, FMO invested US$35 million in a US$60 million green bond to Khan Bank, the first-ever green bond issued in the international market in Mongolia. Khan Bank is a long-term, trusted customer of FMO, and is the country's largest bank, reaching around 82% of Mongolians, even in the most remote regions. The bond, led by IFC, will support Khan Bank’s goal to increase green lending to at least 10% of loan portfolio by 2030, while also avoiding tens of thousands of tons of GHG emissions annually.

Asociación de Cooperativas Argentinas

Cooperatives association in Argentina

US$80 million debt | FMO, direct mobilized funds | SDG 8

The agricultural sector in Argentina has experienced significant growth in recent decades, due in part to high soil fertility, favorable climate conditions, and proximity to the main river, which reduces transport costs. ACA is an Argentinian second-grade cooperative that was founded in 1922. The company brings together 137 first-degree cooperatives and reaches more than 50,000 farmers. ACA functions as a ‘one-stop shop’, providing agricultural inputs, seeds, logistics, storage, and every other imaginable service farmers may need. FMO and Rabobank arranged a US$80 million pre-export finance syndicated loan facility with its long-term customer, with FinDev Canada’s participation. FMO contributed US$40 million, which provided ACA with the hard currency needed to continue exporting grain and oilseeds and supporting its member cooperatives.

MCE Empowering Sustainable Agriculture Fund LLC

Gender-inclusive agribusiness fund active globally

US$10 million debt | MASSIF | SDG 5, 8, 10, 13

MCE is a US based non-profit impact investing firm that invests in rural communities through small and growing agribusinesses. MESA is the organization’s first investment fund expanding on MCE's experience in scaling economic opportunities in local communities and enhancing the climate resilience of smallholder farmers. The capital will be provided to gender-inclusive agribusinesses, either through direct lending or via financial service providers (FSPs.) FMO provided a US$10 million loan to this high-impact fund which will be on-lent to agri-focused SMEs with significant exposure to women, and rural and agricultural-focused FSPs in Sub-Saharan Africa, Latin America, and Southeast Asia.

GreenYellow Smart Solutions

Commercial and industrial renewable energy provider in Vietnam

US$4.5 million debt | FMO | SDG 7, 8, 13

Vietnam has immense potential for a rapid increase in renewable energy: the country has committed to going net-zero by 2050, which requires increasing its renewable energy mix by approximately 78%. To increase the supply of clean and affordable energy for commercial and industrial enterprises, FMO signed its first energy transaction in Vietnam with GreenYellow, an international energy transition services company. FMO provided US$4.49 million in synthetic local currency through a syndicated transaction. The transaction supports the installation of rooftop solar photovoltaic installations, with a total installed capacity of up to 30 MW at its peak, reducing the country’s reliance on fossil fuel-based generation capacity.

Limbomar and Limbopack S.A. 

Climate smart aquaculture company in Ecuador

US$35 million debt| FMO, direct mobilized funds | SDG 2, 5, 8, 13

Limbomar and Limbopack are both part of Grupo Almar, one of the top five shrimp producers globally. They are a frontrunner in climate smart aquaculture with over 40 years of experience and Global Gap, ASC and SSP certification. FMO provided a US$35 million loan to support the companies’ decarbonization efforts and finance the construction of a new MSC certified processing and packaging plant. It will also create 1,000 jobs, 70% of which are earmarked for women. By electrifying the farms (replacing diesel with primarily green energy), Limbomar and Limbopack will not only meet climate action goals to reduce GHG emissions, but will also help create automatization that will allow the companies to produce more food with the same resources.

Share this page: