Production

HPW Fresh & Dry Ghana – EUR 4mln debt

HPW is a responsible producer of tropical dried fruits and fruit snacks headquartered in Switzerland. Founded in 1997, the Company expanded from a traditional fresh fruit supplier serving Switzerland to become one of the leading dried fruit producers in West Africa supplying high quality tropical snacks to the international market. The Company has 2 local subsidiaries, HPW Fresh & Dry in Ghana and Ivory Coast, together employing ~2,000 local employees and directly / indirectly impacting ~1,500 smallholder farmers.
HPW Fresh & Dry is the largest tropical dried fruits processor in West Africa. HPW cooperates closely with local farmers and plays an important role to improve the standard of living of smallholder farmers. It is also the most important employer in the region, with FMO’s investment in the project, in the short term ~250 new jobs will be created locally, adding further value for the economy. The financing will also contribute to reduction of food waste, which is minimized by utilizing fresh fruits that are unnecessarily wasted or discarded by retailers (because of undesirable appearance) into healthy dried fruits and snacks.

Horizon Capital Growth Fund IV – USD 7.5mln equity

Horizon Capital Growth Fund IV, L.P. (the “Fund”, “HCGF IV”) is a private equity fund investing in Ukraine and Moldova, managed by Horizon Capital (the “Fund Manager”). FMO has an existing relationship with Horizon Capital, having invested in all four of the private equity funds managed by Horizon Capital and established to date (Emerging Europe Growth Fund I, II & III and Horizon Capital Growth Fund II). FMO is investing USD 20mln at HCGF IV’s first close.
Ukraine has a large, talented, and competitive labour force, both for IT and skilled manufacturing. Ukraine and Moldova are experiencing strong demand for growth-stage capital in both technology and traditional sectors. By participating in the Fund’s first closing, FMO will send a positive signal to other potential Limited Partners. FMO will thus play a catalysing role in helping the Fund attract other investors (DFIs and private investors) and reach its target size and objectives. Through its commitment, FMO will also support the Fund Manager in contributing to Ukraine’s economic recovery and ensuring that local businesses have access to growth capital, thus remaining resilient, agile and continuing to thrive, despite the context of the ongoing war.

DOLMA impact fund II – USD 5mln equity

Dolma Impact Fund II (“DIF II” of Fund II”) is the follow-on fund of Dolma Impact Fund I, where FMO played an anchor investor role. DIF II has a strategy to provide scarce (growth) capital to small- and medium-sized enterprises (SMEs) in Nepal, in the healthcare, renewable energy, technology, and other sectors with high growth and impact potential. Fund II is established to generate private sector-led growth while creating positive social and environmental impact. The fund is managed by Dolma Fund Management (“Fund Manager” or “Dolma”)
Fund II invests in Nepal which is one of poorest 55 nations in the world and hence is classified as Least Developed Country (“LDC”). Supporting investments in LDCs is one of the core strategies of FMO and MASSIF. In addition, Dolma is one of the first private equity (“PE”) fund managers focused on Nepal and has played a key role in developing the PE sector in the country. Fund II’s strategy of investing in renewable energy in a country that has an energy deficit and investing in companies that need capital to grow alongside its economy (and hence simultaneously boosting it) touches another cornerstone of FMO’s strategy.

Miro Forestry Development Limited – USD 3mln debt

Miro is one of the largest forestry plantation companies in West Africa, with currently 10,000 ha planted. Miro develops and manages high quality, cost-competitive, FSC certified, fast growing industrial timber species (mainly: eucalyptus/acacia) and is in the process of setting up the respective downstream production facilities and market entries to capture the maximum value of the wood grown. The reason for funding is to finance the company’s expansion and processing capacity.

SOLARX - EUR 2.50 mln mezzanine

SolarX is a Commercial and Industrial (“C&I”) solar rooftop business active in Mali, Burkina Faso and Senegal. SolarX offer affordable, clean and reliable power assets with attractive economics to its customers that rely on high cost gensets and/or an unreliable (and expensive) grid. SolarX specializes in the development, construction and operation of grid-connected, stand alone and hybrid solar PV installations in Mali, Burkina Faso and Senegal. SolarX provides clean, affordable power in Mali, Burkina Faso and Senegal which are among the least developed countries and highly vulnerable to climate change. This investment contributes to access to electricity, reducing the cost of electricity, displacing polluting diesel-powered electricity generation and thereby reducing CO2 emissions and creating local employment.

d.light design Ltd – USD 5.21mln debt

d.light is a leading off-grid energy provider that offers a range of solutions to lower income households, from small solar-lanterns to pay-as-you-go (“PAYGO”) solar home systems. d.light is headquartered in Nairobi and mostly sells and finances their products in East Africa and India, thereby providing a sustainable alternative to polluting kerosene lanterns and other fossil fuel based alternative energy sources. The transaction fits FMO’s inclusive business strategy and green strategy while it also spurs economic development. d.light’s products serve the base of the pyramid and are considered inclusive. The products are solar powered and therefore contribute to the climate change mitigation. Furthermore, d.light’s product offering contributes to available lighting which is an enabler for education, reduces spending on kerosene and positively contributes to health.

Mawingu Networks Limited - EUR 1.5 mln equity

Founded in 2013, the Kenya based Mawingu Networks seeks to leverage its low-cost distribution infrastructure and proprietary technology platform to provide internet to rural and peri-urban unconnected communities in Kenya, with expansion plans across East Africa. The company is a Wireless Internet Service Provider (WISP), which offers business, home and public internet services that are low-cost and reliable with unlimited data.

WALO Storage S.A.S. – EUR 800K debt