Fidelity Equity Fund II Limited

Accra, Ghana

Fidelity Equity Fund II Limited

Business sector: Private Equity Fund

Agreement year: 2008

The Fund which was closed in 2008 has total committed capital of USD 23.23 million. The Fund is fully invested in 7 portfolio companies across 6 sectors including real estate, healthcare, financial services, pharmaceutical and agro-processing and industrial consumables.

San Francisco S.A.

Paraguay

San Francisco S.A.

Business sector: Warehousing and transportation support

Agreement year: 2017



San Francisco S.A. is a Paraguayan company, which owns and operates two harbours by the Paraguay River. The company is building a new modern harbour in Villeta, which is located about 40 km south from Asunción, the capital. Finnfund invests in the new harbor in Villeta and participates in re-financing the existing debt portfolio of the company, together with some other development financing institutions. The new Villetan harbour will give Paraguayan products better access to international markets.

Mezapa

Tegucigalpa, Honduras

Mezapa

Business sector: Small hydropower

Agreement year: 2010

Mezapa is a run-of-the-river hydro power plant with a capacity of 9.4 MW in the northern parts of Honduras. In 2014 the project generated 11.7 GWh of power, which gives power to almost 15,000 poor households.

Los Laureles

Tegucigalpa, Honduras

Los Laureles

Business sector: Small hydropower

Agreement year: 2011

Los Laureles is a run-of-the-river hydro power plant with a capacity of 4.8 MW in the northern parts of Honduras. In 2014 the project generated 26 GWh of power, which gives power to almost 33,000 poor households.

SyvashEnergoProm LLC

Kiev, Ukraine

SyvashEnergoProm LLC

Business sector: Renewable energy

Agreement year: 2019


With a generating capacity of 250 MW, Syvash will be the largest wind farm in Ukraine. The project enjoys the Feed in Tariff for wind, which is valid until January 1, 2030. The forecasted wind regime is very good in the area. The estimated capacity factor of the project is close to 40%.

Noksel

Ankara, Turkey


Noksel

Business sector: Steel pipes

Agreement year: 1992


Noksel manufactures spirally welded steel pipes in Hendek and in Iskendrun factories

Jumo

International

JUMO

Business sector: Information technology

Agreement year: 2017, 2018


JUMO World Limited is the largest scale, lowest cost financial services platform for emerging markets. JUMO is a transaction and predictive technology platform for mobile network operators and banks operating in Sub-Saharan Africa and South Asia.

JUMO offers a diversified product base driving customer utility including mass-market credit and savings products. 

Tanira

Dodoma, Tanzania

Tanira

Business sector: Hand pumps

Agreement year: 1991


Tanira manufactures AfriNira hand pumps for wells. Tanira's clients include water projects and organisations, non-governmental organisations, missions, private companies and farmers.

Precision air

Dodoma, Tanzania

Precision Air

Business sector: Airline company

Agreement year: 2008


Precision Air is currently the only airline in Tanzania with large scale operations and cargo capacity serving rural destinations.

Proteak (Pro Eucalipto Holding)

Mexico City, Mexico

Proteak (Pro Eucalipto Holding)

Business sector: Forestry and wood products

Agreement year: 2014, 2015


Proteak Uno SAPIB de CV is a Mexican forestry company which owns and operates FSC-certified teak plantations in Mexico and Costa Rica. Finnfund has provided financing for Proteak's MDF board plant, which is the first in the country.

SEAF Central and Eastern Europe Growth Fund

Bratislava, Slovakia


SEAF Central and Eastern Europe Growth Fund


Business sector: Private equity fund

Agreement year: 2000


SEAF Central and Eastern Europe Growth Fund has invested in small and medium-size enterprises operating in Central and Eastern Europe.

Arbaro Fund SCSp

International


Arbaro Fund SCSp

Business sector: Forestry fund

Agreement year: 2018

 

Arbaro Fund is a private equity fund focusing on investing in sustainable forestry in Latin America and Sub-Saharan Africa.

The fund is managed by Arbaro Advisors GmbH, which employs the management team of the fund. The Arbaro Advisors GmbH is owned by forest consulting and management company Unique and asset advisory company Finance in motion.

Aten Solar Energy S.A.E

Benban, Egypt

Aten Solar Energy S.A.E

Business sector: Solar power

Agreement year: 2017


The project company was founded to construct and operate a 50 MW solar power plant in Benban, South Egypt. The solar PV power plant is one of about 30 plants to be constructed to the same 3,700 hectares site in Benban. The Benban site’s total power production will be around 1.5 GW. Electricity produced in the plant will be sold to the government owned Egyptian Electricity Transmission Company with a long-term power purchase agreement, benefitting the people of Egypt with low cost renewable electricity.

The SEAF Latam Growth Fund

Asuncion, peru

The SEAF Latam Growth Fund

Business sector: Private equity fund

Agreement year: 2008

The SEAF Latam Growth Fund invests on a co-investment basis in small and medium-sized growth enterprises in Peru and Colombia.

XTC Company Oy

Peking, China

XTC Company Oy

Business sector. Electrical equipment

Agreement year: 2010, 2011


XTC Company Oy designs and manufactures electronic inspection systems for food industry. The company manufactures food safety inspection systems in China.

Fun Factory

Dhaka, Bangladesh

Fun Factory

Business sector: Textiles

Agreement year: 2017


Fun Factory manufactures high-quality certified professional workwear and other technical garments. Finnfund’s financing enabled factory’s expansion in Dhaka, Bangladesh.

Afrinord Hotel Investments A/S

Africa

Afrinord Hotel Investments A/S

Business sector: Hotel

Agreement year: 2005


Afrinord Hotel Investments is financing several hotel projects managed by Rezidor Hotel Group in Sub-Saharan Africa.

Synergy Private Equity Fund II LP

Africa

Synergy Private Equity Fund II LP

Business sector: Private Equity Fund

Agreement year: 2018


Synergy Private Equity Fund II is a fund targeting high-growth SME companies in Nigeria, Ghana, Liberia and Sierra Leone.

Cambodia-Laos Development Fund

Vientiane, Laos

Cambodia-Laos Development Fund

Business sector: Private equity fund

Agreement year: 2009


A regional private equity fund focused on investing in small and medium-sized enterprises (SMEs) located in Cambodia and Laos.

FRV Solar Jordan

Amman, Jordan


FRV Solar Jordan


Business Sector: Solar power 

Agreement year: 2016

FRV Solar Jordan is a solar PV power plant to be built in Al Mafraq, near the Syrian border.

Zain Iraq (Atheer Telecom Iraq Limited)

Bahgdad, Iraq

Zain Iraq (Atheer Telecom Iraq Limited)

Business sector: Information technology

Agreement year: 2018


In May 2018 Finnfund granted a USD 19 million loan to Iraq’s leading mobile network operator, Atheer Telecom Iraq, better known by its commercial name Zain Iraq. The loan is part of a debt package which is syndicated by IFC, a member of the World Bank group. The financing allows Zain Iraq to modernize its network in Northern Iraq as well as enhancement to the capacity and quality of its existing 3G network in other parts of the country.

Everest Power Generation Co. Ltd.

Dhaka, Bangladesh
Everest Power Generation Co. Ltd.

Business sector: power

Agreement year: 2013, 2015


Finnfund is financing a power station in Bangladesh that will stabilise the supply of electricity to a local industrial park and ease pressure on the national grid. Additional capacity with below the average emissions ensures an uninterrupted power supply to new production facilities and contributes to job creation in the area.

Avain Technologies China

Peking, China
Avain Technologies China

Business sector: Information technology

Agreement year: 2013

Avain Technologies Oy is the market leader in Finland in certain software applications for digitalizing and managing information processes and digital archives, especially in health care and public sectors. Significant technology transfer will take place and the local health care sector will benefit from upgraded information handling.

GreenStream ESCO

Peking, China
GreenStream ESCO

Business sector: Energy efficiency

Agreement year: 2014, 2016


GreenStream is a Finnish cleantech company company building its energy service (ESCO) model in China. GreenStream Energy Efficiency Investments Ltd. develops and implements energy saving projects in industrial facilities in China achieving environmental benefits with Finnish SME's cleantech solutions.

Peikko Construction Accessories (Zhangjiagang) Co., Ltd

Peking, China
Peikko Construction Accessories (Zhangjiagang) Co., Ltd

Business sector: Metal products

Agreement year: 2014

Peikko Construction Accessories manufactures concrete connections and composite structures. Finnfund participated in the expansion project of the Peikko China factory enabling them to offer new applications and increased capacity and volume to serve their clientele in China and the Asia-Pacific region.

Green Resources

Kampala, Uganda
Green Resources

Business sector: Forestry and wood products

Agreement year: 2012, 2018


The company’s main operations are plantation development and forest products industry. The company’s plantations extend to over 40,000 hectares in its’ three country operations. The company operates East Africa’s largest sawmill, briquette plant and pallet factory in Tanzania as well as electricity pole and charcoal plants in Mozambique, Tanzania and Uganda, and is also one of the first companies globally to receive carbon revenue from its plantation forests.

Norsad Finance Limited

Africa
Norsad Finance Limited

Business sector: Development financing

Agreement year: 2011


Norsad Finance is an impact investor that provides flexible and customised financing solutions to mid-market growth companies in the Southern African region.

M-Birr

Addis Ababa, Ethiopia

M-Birr


Business sector: Information technology


Agreement year: 2011, 2014, 2016, 2017

M-Birr provides a fully fledged suite of mobile money services in Ethiopia in cooperation with five leading Ethiopian microfinance institutions. M-Birr has also developed an application to pay for goods and other purchases using mobile money, an electronic payroll service and an application to distribute aid electronically, even to aid recipients without a mobile phone.

SINI Furniture Interior Design PLC

Addis Ababa, Ethiopia
SINI Furniture Interior Design PLC

Business sector: Furniture

Agreement year: 2015


SINI Furniture Interior Design PLC designs, manufactures and sells furniture in Addis Ababa, Ethiopia.

Lake Turkana

Nairobi, Kenya

Lake Turkana

Business sector: Wind power

Agreement year: 2013


The Lake Turkana wind farm will consist of 365 turbines for a total installed capacity of 310 megawatts. It will be the largest wind farm so far in sub-Saharan Africa. The project is estimated to generate approximately 1,500 GWh of power annually, which converts to the use of approximately 1.9 million poor households.

New Forest Company (Tanzania) Limited

Dodoma, Tanzania
New Forest Company (Tanzania) Limited

Business sector: Forestry and wood products

Agreement year: 2014


The New Forests Company Group is a sustainable forestry and value added timber products business with operations in Rwanda, Uganda and Tanzania. The Company's forests are managed in a sustainable manner and are all FSC certified. In Tanzania, New Forests operates a pole treatment plant and a sawmill.

The Arabia One For Clean Energy investments

Amman, Jordan
The Arabia One For Clean Energy investments

Business sector: Solar power

Agreement year: 2014


The Arabia One For Clean Energy investments involves the development, construction, operation and maintenance of a 11.5 MW solar PV power plant in the Ma’an area in Southern Jordan. The estimated annual energy production of the plant will be approximately 22 GWh. Developing the renewable sector of Jordan will reduce the country’s dependence on imported fossil fuels and the high cost of energy generation while cutting the growth of greenhouse gas emissions from conventional power generation.

Falcon Ma’an for Solar Energy LLC

Amman, Jordan
Falcon Ma’an for Solar Energy LLC

Business sector: solar energy

Agreement year: 2014


Falcon Ma’an is a 23.1 MW solar PV power plant located in the Ma’an area, in Jordan. The estimated annual energy production of the plant will be approx. 43 GWh. Developing the renewable sector of Jordan will reduce the country’s dependence on imported fossil fuels and the high cost of energy generation while cutting the growth of greenhouse gas emissions from conventional power generation.

Jordan Solar One / Jordan PSC

Amman, Jordan
Jordan Solar One / Jordan PSC

Business sector: Solar power

Agreement year: 2014


Jordan Solar One is a 24.5 MW solar PV power plant located in Al Mafraq, near the Syrian border. The estimated annual energy production of the plant is approximatelh 47 GWh. Developing the renewable sector of Jordan will reduce the country’s dependence on imported fossil fuels and the high cost of energy generation while cutting the growth of greenhouse gas emissions from conventional power generation.

Valle Solar Power Project

Tegucigalpa, Honduras
Valle Solar Power Project

Business sector: Solar power

Agreement year: 2015


The Valle Solar is Latin America's largest solar power project promising rapid relief to a country beset by power outages. The project is estimated to generate approximately 120 GWh of power annually to approximately 152,000 poor households. The solar park will also provide jobs in a poor rural area.

CAL Bank

Accra, Ghana
CAL Bank

Business sector: Bank

Agreement year: 2018


CAL Bank was founded in 1990 to be a merchant bank serving corporate clients. In 2004 CAL Bank received Universal Banking License by the Central Bank of Ghana and currently serves corporate, public sector, small and medium-sized enterprises (SMEs) and retail clients through 26 branches and over 100 ATMs across Ghana.


Aqueduct Ltd.

Kiev, Ukraine
Aqueduct Ltd.

Business sector: Metal products

Agreement year: 2010


Aqueduct produces and sells steel made rain water systems in the currently PVC dominated Ukrainian market.

Althelia Climate Fund SICAV

International
Althelia Climate Fund SICAV

Business sector: Environment fund

Agreement year: 2013


Althelia Climate Fund supports global climate change mitigation efforts by investing in projects that deliver emissions reductions with the highest standards for environmental, social and corporate governance. The Fund invests particularly in project activities aimed at Reducing Emissions from Deforestation and Forest Degradation (REDD+) in emerging and less developed countries.

CIFI - Corporación Interamericana para el Financiamiento de Infraestructura, S.A

Latin America
CIFI - Corporación Interamericana para el Financiamiento de Infraestructura, S.A

Business sector: Financial institution

Agreement year: 2014


CIFI's mission is to finance small and medium-sized private infrastructure and energy projects in Latin America and the Caribbean. It extends medium and long-term loans to the projects and offers advisory and arrangement services. Typical projects are power plants, ports, airports, toll roads and housing.

The Forest Company Ltd.

La Paz, Bolivia
The Forest Company Ltd.

Business sector: Forestry and wood products

Agreement year: 2010


The Forest Company is a forest investment company established in 2007 in order to take advantage of the investment opportunities in trees, timberland and timber-related assets in a socially and environmentally responsible manner. All of the Company’s forest assets are managed using socially and environmentally sustainable forest management practices.

Nam Sim Power Company Limited

Vientiane, Laos

Nam Sim Power Company Limited

Business sector: Hydro power

Agreement year: 2011


Nam Sim Power Company Ltd. operates a 9.0 MW hydro power plant in Laos. The plant will generate power to approximately 40,000 households and alleviate poverty by supporting the electrification of the Huaphanh area.

CreditInfo East Africa

Dodoma, Tanzania
CreditInfo East Africa

Business sector: Credit information

Agreement year: 2015


CreditInfo Group has established several Credit Bureaus in emerging markets in Europe, Central Asia and Africa. Finnfund has granted an investment loan to CreditInfo East Africa to finance the establishment and growth of operations in Tanzania and Kenya.

Mekong Brahmaputra Clean Development Fund L.P.

Bangkok, Thailand
Mekong Brahmaputra Clean Development Fund L.P.

Business sector: Private equity fund

Agreement year: 2010


The fund is focused on development using clean technology in the region. Target countries are Vietnam, Thailand, Laos, Cambodia, Philippines, Bangladesh and Sri Lanka. It invests in renewable energy, energy efficiency, water and waste treatment water distribution, electricity production, solar and hydro.

Tropical Asia Forest Fund

Kuala Lumpur, Malaysia
Tropical Asia Forest Fund

Business sector: Private equity fund

Agreement year: 2012


The fund focuses on certified plantation forestry in Southeast Asia, primarily Malaysia, Indonesia and Vietnam. The investments include sustainably managed plantation assets and may also include wood-based industrial facilities.

WWB Capital Partners, LP

International
WWB Capital Partners, LP

Business sector: Microfinance / fund

Agreement year: 2012


Women's World Banking Capital Partners aims to increase access to financial services for low-income people in developing countries by taking minority equity positions in women-focused microfinance institutions. WWB works with 49 institutions in 31 countries to reach more low-income women with financial services.

TAQA Arabia for Solar Energy S.A.E

Benban, Egypt

TAQA Arabia for Solar Energy S.A.E

Business sector: Solar power

Agreement year: 2017


The project company was founded to construct and operate a 50 MW solar power plant in Benban, South Egypt. The solar PV power plant is one of about 30 plants to be constructed to the same 3,700 hectares site in Benban. The Benban site’s total power production will be around 1.5 GW. Electricity produced in the plant will be sold to the government owned Egyptian Electricity Transmission Company with a long-term power purchase agreement, benefiting the people of Egypt with low cost renewable electricity.

MBH B.V.

International
MBH B.V.

Business sector: Microfinance

Agreement year: 2011


MBH B.V. is the holding company for microfinance institutions using the mBank concept in various countries. The first operational subsidiary was established to the Philippines. The mBank concept will allow provision of banking services to low income clients currently outside of any banking services.

Interact Climate Change Fund S.A. (ICCF)

International
Interact Climate Change Fund S.A. (ICCF)

Business sector: Development financing

Agreement year: 2010

ICCF finances renewable energy and energy efficiency projects in the private sector in developing countries and emerging markets. ICCF is established to facilitate an efficient and fast track process with low administrative overheads for co-financing between European DFIs, EIB and AFD.

Finnfund participates already in the fourth round of financing via ICCF. Track record of co-financing via this instrument is positive.

Dasos Timberland Fund I

International

Dasos Timberland Fund I

Business sector: Forestry fund

Agreement year: 2010


Dasos Timberland Fund is a forestry fund aiming to create a diversified portfolio of global timberland assets which combine the aspects of geographical, age and wood fibre type diversification.

LVDU Lapland Food Co., Ltd.

Peking, China
LVDU Lapland Food Co., Ltd.

Business sector: Dairy products

Agreement year: 2012


LVDU Lapland Food (Fushun) Co., Ltd. is a subsidiary company of Lapland Food Holding Oy. LVDU Lapland Food has built a dairy in Fushun.

Norrhydro Group Oy

Peking, China
Norrhydro Group Oy

Business sector: Manufacturing of hydraulic sylinders

Agreement year: 2011, 2014


Norrhydro designs and manufactures hydraulic cylinders, used e.g. in ships, cargo terminals, land transportation and material handling. Finnfund’s financing paved the way for Norrhydro’s hydraulic cylinder production in China.

Ashley Alteams India Pvt. Ltd.

New Delhi, India
Ashley Alteams India Pvt. Ltd.

Business sector: Aluminium components

Agreement year: 2009


Ashley Alteams India produces light aluminium pressure die castings at its plant in Chennai, India. A joint venture of Alteams Oy from Finland and Ashok Leyland from India the company is the first of its kind in India using recycled aluminium in the production process of components.

Frontier Tower

Indonesia

Frontier Tower

Business sector: Telecommunication infrastructure

Agreement year: 2017


PT Triview Geospatial Mandiri will finance, build, acquire, lease and/or operate cellular phone and broadcasting towers and related equipment for purposes of marketing tower space, IBS, DAS and related services (such as power for a cell site) to operators of broadcasting and wireless facilities and networks in Indonesia

Stera Engineering (India) Pvt. Ltd.

New Delhi, India
Stera Engineering (India) Pvt. Ltd.

Business sector: Contract manufacturer of electromechanics

Agreement year: 2014

Stera Technologies Oy, a manufacturer of mechanics and electronics expanded its production facilities in Chennai with an investment loan from Finnfund. The expansion has created jobs and brought modern technology to India. Stera has also introduced a gender equality programme in its business operations in India.

VME Precast Pvt. Ltd.

New Delhi, India
VME Precast Pvt. Ltd.

Business sector: Concrete elements

Agreement year: 2009


VME Precast Ltd. is an Indian company manufacturing precast elements to the construction industry locally. Precast elements is a new cost effective construction method in India producing less contruction waste compared to traditional casting methods.

SaraRasa Biomass

Jakarta, Indonesia
SaraRasa Biomass

Business sector: Biofuels

Agreement year: 2012, 2013, 2014, 2016, 2017


The company produces pellets in Surabaya, Indonesia, using residues from mechanical forest industry, mainly furniture manufacturing industry. Pellets are burnt to generate renewable energy.

Dolma Impact Fund I

Cathmandu, Nepal

Dolma Impact Fund I


Business sector: Private equity fund


Agreement year: 2014, 2018



Dolma provides capital and expertise to growth companies in Nepal. The fund is designed to generate sustainable private sector employment and stimulate further Foreign Direct Investment into Nepal.

mBank Philippines

Manila, Philippines
mBank Philippines

Business sector: Microfinance

Agreement year: 2011


mBank Philippines developed and launched a mobile banking solution in the Philippines. The mBank concept will allow provision of banking services to low income clients currently outside of any banking services.

A.T. Biopower Co., Ltd.

Bangkok, Thailand
A.T. Biopower Co., Ltd.

Business sector: Biopower plant

Agreement year: 2003


Burning rice husks in A.T. Biopower's modern power plant is an environmentally sound way of generating electricity.

Thai Biogas Energy Company

Bangkok, Thailand
Thai Biogas Energy Company

Business sector: Biopower

Agreement year: 2009


TBEC is a biogas company operating in Thailand and Laos. TBEC contributes to climate change mitigation as well as additional positive environmental

AfriCap Microfinance Investment Ltd.

Africa
AfriCap Microfinance Investment Ltd.

Business sector: Microfinance

Agreement year: 2007


AfriCap Microfinance Investment Ltd invests in microfinance institutions in Africa. The fund can also invest in financial service companies providing microfinance related services to the low-income population.

AfricInvest Fund Ltd.

Africa
AfricInvest Fund Ltd.

Business sector: Private equity fund
 
Agreement year: 2004, 2007, 2008, 2014


The objective of Africinvest Fund III LLC is to invest though equity and equity related instruments in small and medium-sized enterprises located mainly in the Sub-Saharan African countries.

Atlantic Coast Regional Fund

Africa
Atlantic Coast Regional Fund

Business sector: Private equity fund

Agreement year: 2008


Atlantic Coast Regional Fund is a regional fund focused on 29 countries on or near the African Coast of the Atlantic Ocean from Morocco to Angola. The Fund targets strong growth companies operating in West and Central Africa, preferably with a regional scope.

EthioChicken (Agflow Poltry)

Addis Ababa, Ethiopia
EthioChicken (Agflow Poltry)

Business sector: Poltry production

Agreement year: 2016


The Group operates six poultry farms in Ethiopia, which produce and supply chicken for low-income households in rural Ethiopia. The Group produces day-old-chicks (DOC), sells them to sales agents, which in turn grow them for 6-8 weeks. The sales agents sell the young chicken primarily to rural households which grow the chicken further to produce meat and eggs. The operating model with the targeted rural market and the level of operations of the Group are almost unique in Africa.

Fanisi Venture Capital Fund

Mozambique
Fanisi Venture Capital Fund

Business sector: Private equity fund

Agreement year: 2010


The objective of Fanisi Venture Capital Fund is to invest in equity and equity related securities in small and medium-sized enterprises located in Eastern Africa. The Fund provides risk capital to early-stage and growing companies and also startups.

GEF Africa Sustainable Forestry Fund, L.P.

Yaounde, Cameroun

GEF Africa Sustainable Forestry Fund, L.P.


Business sector: Forestry fund

Agreement year: 2011


GEF Africa Sustainable Forestry Fund advances responsible forestry in emerging economies in Sub-Saharan Africa. The fund will pursue investments in multiple business types including existing timber plantations, greenfield plantations, bio-energy generation and value-added wood processing.

Miro Forestry Sierra Leone

Freetown, Sierra Leone

Miro Forestry Sierra Leone


Business sector: Forestry and wood products

Agreement year: 2018, 2014, 2015

Miro Forestry Company Limited is a private forestry development company with operations in Ghana and Sierra Leone. The Company’s local operating companies have landholdings in Ghana and Sierra Leone amounting to a total of over 30,000 ha (gross). Current planted area covers an area of 12,000 hectares, of which 60% in Ghana and rest in Sierra Leone. The Company’s medium term target is to continue plantation development and to enter into the local wood products markets – mainly sawmilling products, plywood and electricity transmission poles. Finnfund’s investment has been primarily used for the plantation establishment and expansion.

Silverlands Fund

Africa
Silverlands Fund

Business sector: Private equity fund

Agreement year: 2011


Silverlands Fund invests in profitable agriculture businesses in certain Sub-Saharan African countries with a focus on existing primary farmland operations. The fund may also invest in agriculture related processing and services.

UpEnergy Uganda

Kampala, Uganda

UpEnergy Uganda

Business sector: Energy efficiency

Agreement year: 2013, 2019


UpEnergy is selling energy efficient charcoal stoves in Uganda. In addition to the stove sales revenue UpEnergy is selling certified emission reductions (CER) that are part of UN’s Clean Development Mechanism. CER’s can be sold after emission reductions are verified according to the UN process. Finnfund’s loan provides the project company enough liquidity and working capital to maximise the current emissions reduction purchase agreements with Swedish and Norwegian governments.

Schulze Global Ethiopia Fund I

Addis Ababa, Ethiopia
Schulze Global Ethiopia Fund I

Business sector: Private equity fund

Agreement year: 2014


Schulze Global Ethiopia Fund's objective is to invest equity or equity related securities into early stage or established growth-oriented small and medium-sized enterprises solely in Ethiopia. The fund will support the establishment of Ethiopia’s private equity market, promote entrepreneurial activity and create jobs.

African Foundries Limited

Abuja, Nigeria
African Foundries Limited

Business sector: Steel

Agreement year: 2015


African Foundries Ltd. constructed a steel mill in Nigeria in Ikorodu, near Lagos. The mill is state-of-art technology in Nigeria, and exemplary in terms of safety and environmental performance.

Goldtree Sierra Leone Limited

Freetown, Sierra Leone
Goldtree Sierra Leone Limited

Business sector: Food production

Agreement year: 2011, 2013, 2014, 2016


Goldtree Sierra Leone Ltd. has rebuilt palm oil infrastructure in Sierra Leone by constructing a new palm oil mill. The project includes a significant outgrower scheme which supplies raw material for the mill and generates income directly and indirectly for thousands of local farmers.

Kilombero Valley Teak Company Ltd.

Dodoma, Tanzania
Kilombero Valley Teak Company Ltd.

Business sector: Forestry and wood products

Agreement year: 2000, 2005, 2009, 2010, 2011, 2012, 2016


Kilombero Valley Teak Company (KVTC) is planting and sustainable harvesting of plantation teak and the protection and management of over 20,000 ha of native forests and wetlands and a wide range of wildlife and flora within.

KVTC owns and operates a saw mill and a value adding facility producing teak products for export. KVTC's plantations are managed according to globally recognized management systems bringing forest management expertise and significant employment opportunities to the local community.

Mobisol

Dodoma, Tanzania
Mobisol

Business sector: Solar energy systems

Agreement year: 2017, 2018


Mobisol combines solar energy with an affordable payment plan via mobile phone, comprehensive customer service and innovative remote monitoring technology in Africa. It offers low-income customers in developing nations quality solar home systems that are a clean alternative to unhealthy,  environmentally harmful, and expensive fossil fuels.

Evolution One LP

Pretoria, South Africa
Evolution One LP

Business sector: Private equity fund

Agreement year: 2008


Evolution One is one of the first African private equity fund concentrating on renewable energy and clean technology. Positive environmental impacts are created through investments in renewable energy, energy efficiency and clean technology.

New Forests Company (Uganda) Limited

Kampala, Uganda
New Forests Company (Uganda) Limited

Business sector: Forestry and wood products

Agreement year: 2015


The New Forests Company Group is a sustainable forestry and value added timber products business with operations in Rwanda, Uganda and Tanzania and headquarters in Johannesburg, South Africa. The Company's forests are managed in a sustainable manner and are all FSC certified. In Uganda, New Forests operates a pole treatment plant and a sawmill as well as supplies biomass for energy.

Central American Mezzanine Infra Fund (CAMIF)

Managua, Nicaragua
Central American Mezzanine Infra Fund (CAMIF)

Business sector: Private equity fund

Agreement year: 2009, 2014


The Central American Mezzanine Infrastructure Fund II LP (CAMIF II) offers mezzanine financing for private infrastructure companies in Central America, Colombia, Mexico and the Caribbean region focusing on transportation, energy and telecommunications. In addition, the fund will have a general focus on renewable energy projects.

Central American Renewable Energy and Cleaner Production Facility (CAREC)

Managua, Nicaragua
Central American Renewable Energy and Cleaner Production Facility (CAREC)

Business sector: Private equity fund

Agreement year: 2006


Central American Renewable Energy and Cleaner Production Facility (CAREC) invests in SMEs involved in renewable energy, cleaner technology and energy efficiency projects in Central America.

CASEIF II Corporation Ltd.

Managua, Nicaragua
CASEIF II Corporation Ltd.

Business sector: Private equity fund

Agreement year: 2007


Central American Small Enterprise Investment Fund II (CASEIF II) is a private equity fund for small and medium-sized companies in Central America with particular emphasis on Guatemala, Honduras and Nicaragua.

The Catalyst MENA Clean Energy Fund

Middle East, the Middle East
The Catalyst MENA Clean Energy Fund

Business sector: Private equity fund

Agreement year: 2016


The Catalyst MENA Clean Energy Fund (CMCF) was launched in 2016 with a focus on renewable infrastructure.

OOO Skaala

Moscow, Russia
OOO Skaala

Business sector: Windows and doors

Agreement year: 2014


Finnfund finances Finnish family-owned Skaala Oy's investment in a window factory in St. Petersburg. Skaala, pioneering in energy-efficient window production in Russia, has been recognised with several prizes related to product development, quality, energy efficiency and sustainable development.

Agri-Vie Fund II (Pty) Ltd.

Africa
Agri-Vie Fund II (Pty) Ltd.

Business sector: Food and agribusiness

Agreement year: 2018


Food & agribusiness investment fund in Sub-Saharan Africa with a vision to build businesses in Africa that deliver enviable returns – mindful of the impact on people and the environment.

Spica Metfab Solution India Private Limited

New Delhi, India
Spica Metfab Solution India Private Limited

Business sector: Metal products

Agreement year: 2009


Spica Metfab Solution India Private Limited (before Ojala Engineering Pvt. Ltd.) is a sub-contractor manufacturer in engineering. The company processes parts to OEM manufacturers (Original Equipment Manufacturer) out of steel and copper.

Moringa S.C.A. Sicar

International
Moringa S.C.A. Sicar

Business sector: Agroforestry fund

Agreement year: 2013


Moringa S.C.A SICAR invests in scalable agroforestry projects in Africa and Latin America.

Access Bank

Nigeria

Access Bank

Business sector: Bank

Agreement year: 2017, 2019


Access Bank is one of the largest banks in Nigeria with more than 10 million customers. Access Bank serves retail, small and medium-sized enterprises (SMEs) and corporate clients through almost 400 branches across Nigeria. Access Bank has a long history with Development Finance Institutions, and it has implemented Corporate Governance and risk management practices, including those related to E&S sustainability.

European Financing Partners

Lome, Chad

European Financing Partners


Business sector: Development financing


Agreement year: 2004, 2009, 2010



European Financing Partners (EFP), a joint venture between the European Investment Bank and several European DFIs, is a co-financing vehicle established in 2003 aiming at promoting sustainable development of the private sector and strengthening co-operation between eligible European Development Finance Institutions and the EIB. The EFP provides financing to countries included in the OECD DAC list.

SREI Equipment Financing

New Delhi, India


SREI Equipment Finance


Business sector: Equipment financing

Agreement year: 2017

Srei Equipment Finance Ltd. is one the major equipment financiers in India. In 2017, the company enjoys a Pan-India presence with offices in 89 locations. The company provides financial and operating lease financing to more than 60,000 customers. The wide spectrum of its customers include first time buyers of equipment, fleet owners, small contractors and large construction companies. 

Commercial Leasing and Finance PLC (CLC)

Sri Lanka, Sri Lanka


Commercial Leasing and Finance PLC (CLC)


Business sector: Microfinance

Agreement year: 2015


Commercial Leasing & Finance Plc is a Sri Lankan microfinance company providing loans, leasing and factoring to small and micro businesses. It offers financial services especially to agribusiness and small business owners underserved by the banking sector.

Global Environment Emerging Markets Fund III L.P. (GEEMF)

International


Global Environment Emerging Markets Fund III L.P. (GEEMF)


Business sector: Private equity fund

Agreement year: 2007


GEEMF invests principally in established middle-market companies which operate in, or produce goods and services for, emerging market countries.  The fund focuses on opportunities in countries with rapidly growing energy and environmental sectors for which GEF has domain expertise.  These sectors include clean energy supply, renewable energy generation, integrated waste management, transportation and logistics, water and wastewater treatment, clean industrial technologies, industries utilizing sustainably managed resources, and healthcare services. 

The fund invested in companies positioned to benefit from rapid economic growth trends within particular emerging market countries, such as Brazil, China, India, Mexico, Turkey, and the nations of Southeast Asia.

SEAF South Balkan Fund B.V.

Serbia


SEAF South Balkan Fund B.V
.

Business sector: Private equity fund

Agreement year: 2009


SEAF South Balkan Fund provides early stage and expansion capital financing to growth oriented small and medium-sized companies in Serbia, Montenegro and Macedonia.

Sound and Fair Tanzania Limited

Mawalla Heritage Park, Arusha, Tanzania


Sound and Fair Tanzania Limited


Business sector: Forestry and wood products

Agreement year: 2016

Sound and Fair supplies FSC® 100% African blackwood and other hardwoods from community-managed forests in Tanzania.

Hakan-Quantum Biomass Fired Power Plant

Gisagara District, Rwanda


H
akan-Quantum Biomass Fired Power Plant


Business sector: Biomass fired power plant

Agreement year: 2016


Yumn Ltd will construct, own and operate a 80 MW peat fired power plant in Rwanda. The company also has a long term-concession for harvesting the fuel. The power will be supplied to the national grid. The project will have Finnish boiler and other power-related technology as well as peat harvesting technology. The project will also benefit from Finnish operations and maintenance experience having Fortum as the O&M contractor.

Catalyst fund

Dar es salaam, Tanzania


Catalyst fund

Business sector: Private equity fund

Agreement year: 2011

Catalyst Fund I is a USD 125 million Eastern Africa focused private equity fund that invests in emerging and mid-sized companies with strong growth and profitability prospects.

Sanergy Inc.

Nairobi, Kenya


Sanergy Inc.

Business sector: Waste management and recycling

Agreement year: 2018

Sanergy is aiming to build healthy, prosperous communities by making hygienic sanitation affordable and accessible throughout Nairobi’s informal settlements. Sanergy converts waste to useful end-products such as fertilizers, animal feed and biogas. With funding provided by Finnfund, the company is expanding its activities in Nairobi and other parts of Kenya.

Burapha Agro-Forestry Co. Ltd.

46 Kaysone Phomvihane Road, Vientiane, Laos


Burapha Agro-Forestry Co. Ltd.


Business sector: Forestry and wood products

Agreement year: 2016, 2018

Burapha is an agroforestry and wood processing company operating in the greater Vientiane area in Laos. Finnfund, together with the Dutch development financier FMO and French Proparco, is providing debt financing for the plantation expansion and construction of the plywood mill. The eucalyptus plywood will be produced mainly for the export markets.

Gemco Kati Exploration Pvt. Ltd.

Nagpur Road Chandrapur, Maharashtra, India


Gemco Kati Exploration Pvt. Ltd.


Business sector: Mining support service activities

Agreement year: 2016


Gemco Kati Exploration Pvt. Ltd. provides mining support services in India.

Peikko OOO

Moscow, Russia


Peikko OOO


Business sector: Metal products

Agreement year:2018

Peikko is a family-owned company founded in 1965. It is headquartered in Lahti, Finland and has production in 8 countries and local sales in 34 countries. Peikko supplies a large selection of concrete connections and composite beams for both precast and cast-in-site solutions in a wide variety of applications. With funding provided by Finnfund, the company is expanding its production and sales activities in Russia.

The New Forests Company

Nyanza District, Rwanda

The New Forests Company


Business sector: Forestry and wood products

Agreement year: 2016

New Forests Company Rwanda is a forestry development company domiciled in Rwanda and owned by New Forests Company Holdings Limited (Mauritius). The Company has a forest concession of mature pine of approximately 8,000 hectares in Southwestern Rwanda. The Company also operates a pole treatment facility and sawmills.

GroFin East Africa Fund (GEAF)

Kigali, Rwanda

GroFin East Africa Fund (GEAF)

Business sector: Private equity fund

Agreement year: 2007

GroFin East Africa Fund's objective to provide growth finance to relatively small enterprises in Kenya, Uganda, Tanzania and Rwanda.

ArcelorMittal (Toplana Zenica d.o.o. Zenica)

Zenica, Bosnia Herzegovina


ArcelorMittal (Toplana Zenica d.o.o. Zenica)

Business sector: Power generation

Agreement year: 2018


Finnfund has invested in project company Toplana Zenica d.o.o. Zenica. Steel manufacturer ArcelorMittal Zenica d.o.o. in Bosnia and Herzegovina, city of Zenica, KPA Unicon Oy and Finnfund will form a joint venture project company Toplana Zenica to modernize and upgrade the power generation unit of ArcelorMittal Zenica so that the upgraded unit will be fueled with by-product gases from ArcelorMittal Zenica’s steel manufacturing.

Toplana Zenica will sell district heat to the city of Zenica, steam to ArcelorMittal Zenica and electricity to third parties. KPA Unicon is also be the major equipment provider.

Penda Health

Nairobi, Kenya


Penda Health

Business sector: health care

Agreement year: 2018

Penda Health is a chain of affordable medical centres in Nairobi, Kenya.

They operate a network of medical centers that offer outpatient primary healthcare services that are up to 83% cheaper than those offered by other high quality private healthcare providers. The company provides comprehensive outpatient health services including: obstetrics, gynecology, dental services, lab testing, maternal health services and preventative care among other primary healthcare services.

Sathapana Bank Ltd.

Phonm Penh, Cambodia


Sathapana Bank Ltd.


Business sector: Financial institution

Agreement year: 2019

Sathapana Bank is a bank in Cambodia financing retail, micro companies and SME clients. At the end of 2018 it had approximately 131,000 loan customers, over 4,000 employees and 160 branches.

ShoreCap International Ltd. II

International


ShoreCap International Ltd. II

Business sector: Microfinance

Agreement year: 2009

ShoreCap II Fund's objective is to make equity and quasi-equity investments in regulated microfinance institutions and small business banks in Africa and Asia serving small businesses, micro-entrepreneurs or other underserved clients.

Letshego Uganda Limited

Kampala, Uganda

Letshego Uganda Limited


Business sector: Microfinance

Agreement year: 2018

Letshego Group is a financial institution aiming to provide financial services to the financially under-served. Its subsidiaries in 11 African countries provide simple, appropriate and accessible consumer,  microfinance and savings solutions to more than 300 000 customers. The funding provided by Finnfund will be allocated to strengthen the microfinance portfolio of Letshego Uganda.

Horizon Fund III

Pretoria, South Africa


Horizon Fund III


Business sector: Private equity fund

Agreement year: 2007

Horizon Fund III is a generalist fund investing in already established as well as some early stage businesses. The fund's main focus country is South Africa.

Polykrome S.A.

Dakar, Senegal

Polykrome S.A.


Business sector: Packaging, other manufacturing

Agreement year: 2018


Polykrome is one of Senegal’s largest industrial printing company which has begun to refocus its business from printing & graphics to packaging solutions such as cardboard and plastic film labels, which are mainly used by local consumer good manufacturers.

Finnfund’s loan is a part of financing package syndicated by IFC, a member of the World Bank Group, and will be used to expand company’s production and to relocate its two existing facilities to a new industrial site. The aim is to support local production of packaging solutions and hence foster local production and distribution of consumer goods.

Elgon Road Developments Co. Ltd.

Nairobi, Kenya


Elgon Road Developments Co. Ltd.

Business sector: Hotel

Agreement year: 2009, 2011, 2015, 2016, 2018


The project company is the owner of the 271 room Radisson Blu Hotel in the Upper Hill area in Nairobi. The hotel opened in 2015 and targets the large conference market and both the business and leisure travellers.

Horus Solar Energy S.A.E

Benban, Egypt

Horus Solar Energy S.A.E

Business sector: Solar power

Agreement year: 2017


The project company was founded to construct and operate a 50 MW solar power plant in Benban, South Egypt. The solar PV power plant is one of about 30 plants to be constructed to the same 3,700 hectares site in Benban. The Benban site’s total power production will be around 1.5 GW. Electricity produced in the plant will be sold to the government owned Egyptian Electricity Transmission Company with a long-term power purchase agreement, benefitting the people of Egypt with low cost renewable electricity.

Ghana Airport Cargo Centre

Accra, Ghana

Ghana Airport Cargo Centre

Business sector: Logistics

Agreement year: 2014, 2016


The project consists of a new cargo hub at the Kotoka International Airport, Accra. The new cargo hub includes a state-of-the-art cargo handling warehouse and an office building with over 5,500 sqm of modern office space. The cargo warehouse is operated by Swissport International through a joint venture company between Swissport International and the Ghanaian project company called Swissport Ghana. The office building will answer to a strong demand of high-quality office space in the airport area by both local and international companies operating in the cargo and airline sector.

This agreement consists of an additional financing of USD 1 million to the original project, started in 2014.

Munkh-Evseg LLC (MongoliaNord)

Ulan Bator, Mongolia


Munkh-Evseg LLC (MongoliaNord)

Business sector: Hotel

Agreement year: 2010


Finnfund has financed the construction of a hotel in Ulaanbaatar, the capital of Mongolia.

Aureos Africa Fund LLC

Africa


Aureos Africa Fund LLC


Business sector: Private equity fund


Agreement year: 2009


The objective of Aureos Africa Fund is to invest in equity and equity related securities in medium-sized enterprises located mainly in the Sub-Saharan African countries. Particular emphasis is on companies with regional growth potential.

Miro Forestry Ghana

Accra, Ghana

MIro Forestry Ghana

Business sector: Forestry and wood products

Agreement year: 2018, 2014, 2015

Miro Forestry Company Limited is a private forestry development company with operations in Ghana and Sierra Leone. The Company’s local operating companies have landholdings in Ghana and Sierra Leone amounting to a total of over 30,000 ha (gross). Current planted area covers an area of 12,000 hectares, of which 60% in Ghana and rest in Sierra Leone. The Company’s medium term target is to continue plantation development and to enter into the local wood products markets – mainly sawmilling products, plywood and electricity transmission poles. Finnfund’s investment has been primarily used for the plantation establishment and expansion.

SFC Finance Limited

Lusaka, Zambia


SFC Finance Limited

Business sector: Financial institution

Agreement year: 2014

The aim of SFC Finance Ltd. is to be a lender to African small and medium-size enterprises. The operational area is Kenya, Nigeria, Uganda, Tanzania, Ghana and Zambia.

Oy Nordic Russian Management Co - NORUM

Moscow, Russia


Oy Nordic Russian Management Co - NORUM


Business sector: Fund management


Agreement year: 1995


Finnfund is a shareholder in the fund management company Oy Nordic Russian Management Company Ltd.

Australis Aquaculture Vietnam Limited

Ho Chi Minh City, Vietnam


Australis Aquaculture Vietnam Limited

Business sector: Fishing and aquaculture

Agreement year: 2017

Australis Aquaculture Vietnam Ltd is part of Australis Holdings, Inc. which focuses on Barramundi farming. Established in 2007, the Vietnam-based company is the largest Barramundi (Asian Sea Bass) producer in the world. It operates in Van Phong Bay in Khanh Hoa Province in Central Vietnam.

The fish are grown on company-owned farms, processed by a local company, and the frozen finished product is sold primarily to retail and food service customers in the USA and Australia. By-products are sold to the local market in Vietnam. The company emphasizes the sustainability of its operations and has secured many international industry certifications and awards as well as retailer-specific certifications. The company plans to increase its production from current 3,000 mt to 10,000+ mt by 2022.

Africado Limited

Dar es Salaam, Tanzania


Africado Limited


Business sector: Agriculture

Agreement year: 2018


Africado was established in 2007 as Tanzania’s first commercial and international grade producer of avocados. Since that time it has developed the business of producing and exporting Hass avocado. The company farms 137 hectares at Kifufu Estate around the Kilimanjaro area in Tanzania and contracts other commercial and small holder farmers to supplement its production. To achieve premium quality fruit, the avocados need to be handled to a high standard so Africado built and operates a fully operational packhouse at Kifufu Estate from where all the fruit is packaged and exported, primarily to the EU.

Africado is developing the business and starting the production in a new farm, Gararagua, with an avocado orchard of 175 hectares. Africado aims to expand the harvest season and increase the economics of scale of its operations. The project also encompasses the expansion of the capacity of the existing packhouse.

XacBank

Ulaanbaatar, Mongolia


XacBank


Business sector: Financial institution


Agreement year: 2016, 2019


XacBank is the fourth largest bank in Mongolia and it serves retail, micro-, small and medium-sized enterprises (MSMEs) and corporate clients through almost 90 branches across Mongolia. XacBank has a long history with development finance institutions, and it has implemented corporate governance and risk management practices, including those related to E&S sustainability.

Bosforo Ltda. de C.V.

El Salvador

Bosforo Ltda. de C.V.


Business sector: Solar power

Agreement year: 2017

Bosforo Ltda de CV is a project company that is constructing ten solar power plants in El Salvador, Central America. Power plants are expected to be fully operational in 2019. Together, they will have a capacity of 100 megawatts.

The company responsible for the project, Bosforo Ltda de CV, is owned by two companies with long expertise in the energy sector: AES Soluciones, Ltda de C.V., part of AES El Salvador and a subsidiary of The AES Corporation, an international energy company, and CMI Solaris Investments, S.L., owned by a conglomerate Corporación Multi-Inversiones.

Ecobank II

Togo

Ecobank II

Business sector: Bank

Agreement year: 2017


Ecobank is the leading pan-African bank with operations in 36 countries across the continent. At the end of 2017 it had approximately 14 million customers, 15,930 employees, 927 branches and 2,665 ATMs.

Forest First Colombia S.A.S. (FFC)

Colombia

Forest First Colombia S.A.S. (FFC)


Business sector: 
Forestry and wood products


Agreement year: 2017


Forest First Colombia is establishing a large scale forest plantation in Vichada Province, Colombia.

The Company will plant its land area with fast growing hardwood tree species for various end uses such as pulp, bioenergy and fibreboard. The Company uses modern technology and sustainable forest management practices and has an experienced international forestry management team. All native forest areas are set aside for conservation purposes.

Methax

Argentina

Methax


Business sector: Power plant


Agreement year: 2017


Argentina is an oil and gas producer with significant O&G reserves. At O&G wells that are not connected to gas pipelines, part of the natural gas has to be either vented or flared. The alternative is to compress or liquefy the gas and transport the compressed gas (CNG) or liquefied gas (LNG) by road to a place where it can be used.

LNG-facilities are often large scale plants – requiring significant investments. Galileo, one of the sponsor of the Methax project has developed a mobile microscale LNG equipment, called the Cryobox, which can be installed at O&G wells.

The project uses LNG produced with Cryoboxes and transported ca. 400 km to a 40 MW power plant supplied by Wärtsilä and located in Anchoris, ca. 50 km south of the city of Mendoza. The power plant is located adjacent to an existing transformation station and transmission line. Hence the project does not require any building of transmission line. The power is sold to CAMMESA according to a 10 year power purchase agreement.

Prasac Microfinance Institution Ltd.

Cambodia


Prasac Microfinance Institution Ltd.


Business sector: Microfinance

Agreement year: 2016

Prasac, one of the leading microfinance institution in Cambodia, provides banking services particularly to small and medium-sized enterprises such as small farms and grocery stores in rural and remote areas.

The vision of Prasac, founded in 1995, is to improve the living standards of the rural people contributing to sustainable economic development by being financially viable microfinance institution. In December 2016, Prasac employed 5,895 people, and had well over 337,000 clients of which more than 90% are living in rural areas. More than 80% of the borrowers are women.

With the loan provided by Finnfund and other lenders, the company is hoping to employ 6,500 people more by 2020, and provide more than 6,000 new loans to its customers. The loan provided by Finnfund is a part of a syndicated senior loan facility of USD 55 million, arranged by the German development finance institution DEG.

Yalelo Limited

Lusaka, Zambia


Yalelo Limited

Business sector: Aquaculture

Agreement year: 2019

Yalelo Limited is the largest fully integrated aquaculture company in the Sub-Saharan Africa with 9,000 tons of harvest last year. The company was established in 2011 and produces tilapia in Siavonga, on Lake Kariba, about 190 km from Lusaka. Despite the fast growth, Yalelo is still relatively small and it reached the EBITDA break-even last year. The company employs about 850 permanent and casual workers.

Finnfund and FMO are together offering funding of USD 18 million for the expansion investments, working capital and re-financing. With the funding, Yalelo can expand its annual production to 25,000 tons

Maarifa (Africa Edu Holdings)

Africa

Maarifa (Africa Edu Holdings)

Business sector: Education

Agreement year: 2019


Africa Education Holdings is an education platform providing high quality and market relevant tertiary education in Sub-Saharan African through its group companies. Finnfund’s investment will support the growth of the platform and improve the quality of education in Sub-Saharan Africa.

Starsight (SPUL Sub 2 Ltd.)

Nigeria

Starsight (SPUL Sub 2 Ltd.)

Business sector: Energy

Agreement year: 2019


Starsight’s business model is to provide energy efficient and reliable power and cooling solutions to corporate clients using solar-battery-diesel hybrids in Nigeria, a country that regularly suffers from power outages. Starsight designs a custom plan to replace client’s current lighting and cooling solutions, which are currently heavily dependent on diesel generators. The new solution includes energy efficient equipment and replacement of the electricity generation solution by solar panels, batteries to store solar energy and a diesel generator back-up.

Fuzu

Nairobi, Kenya

Fuzu

Business sector: Information technology

Agreement year: 2016

Fuzu Limited is a Kenyan-Finnish company that launched the Fuzu employment platform in 2015.

Fuzu is an online career and recruitment platform which provides job seekers an access to career advice, online learning and jobs. For employers it provides a set of tools for identifying best matching candidates via search and recruitment solutions and automated analysis of CV’s. The platform integrates online psychometric testing and talent profiling of candidates to the application process.

Fuzu aims to combine the strengths of the Finnish education and innovation systems with deep understanding of the end-users, their needs and aspirations in the African context. In Kenya, as in many other countries, unemployment rate is very high and young people are having difficulties entering the working life. Fuzu aims to help people embark on meaningful careers and to build better lives, as well as help companies to find the right kind of talent.

Finnfund participates in financing Fuzu’s expansion in Kenya and the launch of the platform in selected geographies in Africa and Asia.

BOPA Pte Ltd

Asia


BOPA Pte Ltd


Business sector: Fund/Microfinance

Agreement year: 2017, 2018


BOPA invests in regulated small (Tier 2 and 3) microfinance institutions (MFI) in Asia. The MFIs target underserved population who would not have otherwise access to financial services. Large share of the MFIs’ clientele are female entrepreneurs and rural populations. BOPA emphasizes the balance between delivering financial returns and solid social impact.

Finnfund made an equity investment of USD 3 million in BOPA in June 2017. BOPA seeks to invest in MFIs where it sees potential to develop the institution through good corporate governance, funding and efficient IT solutions to become a leading sustainable and socially responsible MFI in its region. The goal is to shape strong and responsible microfinance institutions in Asia that will grow to reach over 1 million clients by 2025.

Finnfund made an additional equity investment of USD 1.5 million to help BOPA expand. BOPA seeks to invest in MFIs where it sees potential to develop the institution through good corporate governance, funding and efficient IT solutions to become a leading sustainable and socially responsible MFI in its region. The goal is to shape strong and responsible microfinance institutions in Asia that will grow to reach over 1 million clients by 2025.

Annapurna Finance Pvt. Ltd.

Bhubaneswar, India

 

Annapurna Pvt. Ltd.

 

Business sector: Microfinance

Agreement year: 2019


Annapurna Finance Pvt. Ltd (AFPL) was established in 2009, and is now one of the top ten non-banking finance companies providing microfinance in India. It has its roots as a part of a not-for-profit entity reaching the underserved areas of the state of Odisha and addressing the economic necessities of poor women. Odisha is still an important part of Annapurna’s operations, and the company headquarters is located in Bhubaneswar.

In addition to reaching and serving the underserved segment of the society, Annapurna’s objectives include providing financial and technical support to strengthen entrepreneurial skills of its clients for effective and efficient undertaking of business activities. Annapurna continues to innovate its products and delivery mechanisms to make the whole life cycle of micro-credit as relevant as possible for its clients.