Exits and Sales
IDF has had three exits in 2018; Kenmare, Clean Energy and Tourism Promotion Services Afghanistan (TPSA).
In 2005 IDF provided USD 5 mln to Tourism Promotion Services Afghanistan for (re)construction. TPSA (Afghanistan) operates Kabul Serena Hotel in Afghanistan, the only 5-star hotel in Kabul. The hotel started to operate in November 2005 (4 floors with 177 rooms). Since its opening, TPSA has been the preferred hotel for international NGOs and development institutions mainly due to its international level of services and attention to security. Starting in November 2014, a put option was exercised in four instalments, while maintaining the put premium at the same level of 4%. The final instalment was paid in 2018.
Clean Energy is the project company owning a 49.6W wind farm at Salkhit Uul, 75 km southeast of Ulaanbaatar, Mongolia, which has been operational since July 2013. It reached Project Completion Date by the end of August 2014, and reached Project Financial Completion in June 2016. The client exited in December 2018.
Kenmare is a junior mining company with a single productive asset located in remote areas within Mozambique generating TiO2 products sold to global customers. IDF provided long term finance in the starting phase of the exploration of the mine, in the current stage of the company (post-completion) the role for FMO as equity holder was already limited. There was no intention for IDF to hold equity in Kenmare as discussed above, rather its equity holding was necessitated from a material capital re-structure. In 2018, all shares were sold.