Production

South Asia Foods LLC-FZ (Taprobane Seafood) – USD 10 mln Debt

South Asia Foods LLC (SAF or the company) is a SPV set up to manage the sales for Taprobane Seafoods Ltd. (TSF or Taprobane) Taprobane is a leading seafood export company in Sri Lanka processing Blue Swimming Crab into pasteurized crab meat and Vannamei shrimp, which it began farming two years ago – the first Sri Lankan company to do so – in response to a global shift in preference to Vannamei from black tiger shrimp. Established in 2010, TSF has one main process facility and fourteen mini-processing facilities, employing over 2,000 fulltime employees, predominantly underprivileged women including war widows, throughout the northern and northwestern provinces of Sri Lanka. The shrimps processed by TSF are supplied by its own farms and third-party growers. The crabs are wild-caught and supplied by local fishermen. TSF exports seafood products globally under their own brand or for third parties. The funds will be used for capex investments that will further strengthen TSF’s value chain in Sri Lanka. The investments include rehabilitating abandoned shrimp farms owned by TSF and by third-party growers, investing in new farms, circular tanks and hatcheries, in a new processing facility and for other general capex investments.

ResponsAbility Climate-Smart Agri & Food Fund – USD 7.5 mln Equity

FMO’s client is the recently launched Climate-Smart Agriculture & Food Fund (the Fund), A USD 200mln close-ended debt fund targeting food systems transformation. The aim is to provide long-term expansion debt to innovative businesses operating in the food value chain in Asia Pacific, Latin America and Africa with the goal of mitigating climate change, reducing food loss and promoting climate change resilience of smallholder farmers. The Fund has been established by responsibility, a sustainable investment house, in collaboration with CGIAR, a global research partnership for a food-secure future, and anchor investor KfW, a German state-owned investment and development bank. FMO has subscribed up to USD 25 mln committed facility to the fund with senior class shares. In which, USD 21.5 mln was subscribed in the second closing, and the balance of up to USD 3.5 remains to be subscribed in the third closing. The Fund’s strategy is to provide long-term financing along with technical assistance to Agri SMEs under four investment themes: 1) sustainable intensification of production, 2) value adding and efficient processing and logistics, 3) sustainable and inclusive retail and food brands, and 4) climate technology and solutions providers. The financing will target transactions in agriculture focused on reducing climate change risk and greenhouse gas emissions as well as on promoting sustainable increase in yields.

Sun King Financing Limited (Greenlight Planet) – KES 10 mln Debt (EUR 7.9 mln)

Sun King Financing Limited is a securitization vehicle acquiring pay-as-you-go receivables from Greenlight Planet Kenya Limited, the Kenyan subsidiary of Greenlight Planet Inc. The company, active under the brand name Sun King, is one of the leading providers of energy access products in Sub-Saharan Africa. The company’s business model in Kenya consists of the distribution and financing of various solar-powered energy solutions, through a Pay-As-You-Go offering. Customers pay off their system and associated devices through pay plans that vary in length. The objective of the investment is to allow the company to continue its expansion of its Pay-As-You-Go Business in Kenya. The proceeds of the funds will directly be used to fund the acquisition of receivables, allowing the company to shorten its inventory cycle, assisting the general scale-up of the business.

Starsight Premier Energy Finance / SPEF - USD 10 mln Debt

Starsight Premier Energy Finance is the financing arm of Starsight Premier Energy Group (SPEG). SPEG offers sustainable solar power and storage solutions to C&I clients in Kenya, and plans to expand to Uganda, Tanzania, and Rwanda in 2023 and 2024. To finance Solar PV and storage energy solutions for the commercial and industrial sector in East Africa.

Joliba Capital Fund I – EUR 5 mln Equity

Joliba Capital Fund I is a first-time fund raised by Joliba Capital. The Fund targets EUR 150 million in fund size and will build a diversified portfolio of 8-10 investments in consumer-driven sectors across Francophone West- & Central Africa. The fund is set up by Yann Pambou and Hamada Touré, two experienced African investment professionals in partnership with LBO France, an established French private equity firm based in Paris, operating primarily in Western Europe. The private equity market development in the fund’s target region lags behind many of the other large economies in the continent. The resulting funding gap hampers the growth of SME’s in the region. By contributing to the establishment of a dedicated and professional fund manager, our capital commitment supports the success of local entrepreneurs in the region. Economic growth funded by ‘conscious capital’ also helps to engrain institutional quality to the benefit of all stakeholders, whilst improving the appeal of the portfolio companies to international investors.

Pearl Dairy Farms Limited – USD 8.75 mln Debt

Founded in 2009 by Bhaskar Kotecha and Anand Kapoor, Pearl Dairy Farms Limited (“Pearl”) is one of the larger dairy processors in East Africa. Pearl sources raw milk from smallholder farmers, cooperatives, and traders in both Uganda and Kenya and processes it into various products: UHT milk, powder milk, flavored milk, yoghurt, butter, ghee. Pearl’s products are sold in multiple countries including Uganda, Kenya, Sudan, Tanzania, Malawi, Zambia, DRC, UAE, India, and Japan. Pearl will utilize the funds to undertake multiple capital investments in Uganda and Kenya, including the expansion of the milk collection center network in Uganda, expansion of its powder processing capacity in Uganda, acquisition of a milk processing plant in Kenya, and refinancing of an existing loan.

TOI Commodities SA / TransOil – USD 7.5 mln Debt

Trans-Oil Group is a leading vertically integrated farming, oilseed crushing, trading and transportation logistic provider with operations in Moldova and Ukraine. The company owns a distribution and export network in Moldova with extension to the Black Sea region and upstream to the Danube basin. More than 80% of the sales of the Company are exported to EU, Turkey and Asia. Up to USD 30 mln long-term FMO loan intends to finance the WC needs for the purchases of commodities from Ukraine. The commodities sourced from Ukraine will be stored either in Reni port in Ukraine or in-land storage facilities in Moldova before export.

Robust International Pte Ltd. – USD 10 mln Debt

Robust International Pte. Ltd. (Robust) is a multinational agri-commodity processing & import-export business with its headquarters in Singapore. It has a vast operational network and presence in several countries across Africa. Its portfolio includes a wide variety of agricultural commodities with a focus on cashew and sesame seeds. The company is transforming from a traditional merchant to an end-to-end integrated supply chain company. The proposed financing is earmarked for Burkina Faso, Cote d’Ivoire and Mozambique. FMO is the mandated lead arranger for a USD 50mln senior secured facility (on a best-efforts basis) composed of USD 40mln for capital expenditure (land, building warehousing facilities, machinery, and equipment) and USD 10mln for working capital. The facility will be funded by FMO-A (USD 15mln), Building Prospects (USD 10mln) and FIM funds (USD 15mln). FIM funds are funds serviced by FMO Investment Management and share an emerging market focus and the combined objective of investing for both financial returns and development impact.

Southeast Asia Clean Energy Fund II (SEACEF II) – USD 10 mln Equity

Southeast Asia Clean Energy Fund II (“SEACEF II” or “the Fund”), is a target US$ 135m fund managed by Clime Capital (“CC”, “FM”), providing catalytic capital to developers and early-stage companies focused on renewable energy (“RE”), energy efficiency (“EE”),e-mobility, and electrical grid solutions in Southeast Asia. The Fund is targeted to reach first close in Q4 - 2023. In addition to FMO's participation (upto EUR 12.5m), it is expected that commercial investors and other development finance institutions will also invest at the first close of the Fund. The Fund will target investments which deliver social and environmental benefits as well as financial returns, with a focus on decarbonization. The Fund intends to deploy capital to early-stage investments in both developers and early-stage corporates/platforms targeting proven, scalable, high-impact technologies and innovative business models to accelerate low carbon transition in the region - across utility/captive RE projects and distributed platforms like EE, E-mobility and grid infrastructure. Vietnam, Philippines and Indonesia will be the core focus countries.

Komaza Forestry Ltd – USD 250K Debt

Komaza Group Inc. (“Komaza”) is a vertically integrated micro-forestry company working with smallholder farmers in Coastal and Central Kenya to address a large and fast-growing wood market in Africa. FMO's mission to create impact implies sustaining impact even after the relationship ends. Through our equity and non-performing investments, we may decide to exit a transaction. On occasion, there are unusual endings of transactions as well.  Prior to exiting we review and consider the implications on ESG risks and needs to preserve impact objectives as far as possible. 

HPW Fresh & Dry Ghana topup 2mln – EUR 2 mln 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. FMO’s investment loan to HPW Fresh & Dry Ltd is to support its working capital and expansion of factory in Ghana to meet the increasing demand from international markets for dried fruits.

IDH Farmfit topup – EUR 1.25 mln Debt

Sustainable Trade Initiative (“IDH”) has developed a market-based approach to smallholder value chain development. Currently, IDH works with over 600 companies, financial institutions, producer organisations, and governments in 12 value chains across 40 countries worldwide. As an evolution of its grants-based investments strategy, IDH established the Farmfit Fund (the “Fund”). To strengthen smallholder value chains and improve the livelihoods of farmers, the Fund will support a wide variety of actors ranging from traders to input providers, Agri SMEs and financial institutions across Africa, Asia, and Latin America. The Fund will offer tailor-made financial instruments (debt, risk sharing, equity) and TA to a wide range of investees that sustainably engage with smallholder farmers. Its impact is further increased through leveraging commercial bank finance.

Africa Ren Development - EUR 500K Development Contribution