Exits and sales
Building Prospects had two exits in 2020, despite the COVID-19 crisis, we are proud that two customers have graduated to FMO-A funding. This is good news for Building Prospects and demonstrates its catalytic and ‘upstream’ role in creating bankable projects.
KivuWatt - is a 26MW methane gas extraction power plant located in Lake Kivu, Rwanda. Power produced by the plant is sold to the grid. As part of a larger debt package, FMO financed the project in 2015 from Building Prospects and the Access to Energy Fund. After substantial construction delays of almost 3 years, the Project reached technical completion end 2019. In 2020 Kivu Watt was found to meet FMO’s risk appetite and investment criteria and it was decided to transfer the project to FMO’s balance sheet. This underpins the funds mandate to drive private sector development in developing countries. We wish Kivu Watt continued success in the years to come.
Sucafina Group - Coffee producer in East Africa - has continued to grow in strength allowing it to prepay their loan and to refinance their position at a lower cost. This improved risk profile was found to meet FMO's risk appetite and investment criteria and it was therefore funded by FMO. We also wish Sucafina Group continued success in the years to come.