Early Dawn Microfinance Company Ltd.
Business sector: Microfinance
Agreement year: 2020
Save the Children Myanmar started the Dawn Microfinance Program in 2002. Over the following 13 years, Dawn evolved to become a successful microfinance program lending to women-owned businesses in the peri-urban areas of Yangon. In March 2015, the program was transformed into a regulated microfinance company, capitalized by Accion, FMO, and Triodos.
Today, Early Dawn Microfinance Company Limited (“DAWN”) serves over 200,000 clients through 61 branches in six regions across Myanmar. In terms of client outreach, DAWN is the third largest MFI in Myanmar. The fast growth of DAWN’s loan portfolio, 82% CAGR since 2016, reflects the huge market potential for microfinance industry in the country.
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.
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
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.
Cibuk Wind Farm (Tesla Wind d.o.o.)
Business Sector: Wind power
Agreement year: 2017
Čibuk is the largest wind project in Serbia to date. It is located 45 kilometers northeast of Belgrade covering 3700 hectares of land partially owned and leased. The 158 MW wind farm will consist of 57 GE turbines and produce up to 475 GWh of electricity per year.
Taaleri Tesla Ky is a joint shareholder (30 percent) in Tesla Wind d.o.o. with Masdar (60 percent) and DEG (10 percent). The debt is being provided by IFC and EBRD. Čibuk has been under construction since March 2017 and is expected to be in full production in 2019.
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%.
Business sector: Digital infrastructure and solutions
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.
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)
Business sector: Forestry
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.
Business sector: Digital infrastructure and solutions
energy services and solution
Agreement year: 2019
The project consists of the modernisation of the energy supply infrastructure in (T-ESCO-contracts) Lebanon and Guinea. With financing from Finnfund, DEG, Proparco and European Investment Bank, IPT will modernize the energy supply infrastructure in Lebanon and Guinea. The hybrid solution utilizing solar panels and storage media will save up to 40% of energy and reduce diesel consumption significantly.
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
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
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 Latin America.
Mekitec Oy
Business sector. Digital infrastucture and solutions
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.
Business sector: Manufacturing
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
Business sector: Tourism
Agreement year: 2005
Afrinord Hotel Investments is financing several hotel projects managed by Rezidor Hotel Group in Sub-Saharan Africa.
Africa Sustainable Forestry Fund. L.P
Business sector: Private Equity Fund
Agreement year: 2011
Africa Sustainable Forestry Fund. L.P is a forestry fund operating in Africa.
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
Business Sector: Solar power
Agreement year: 2016
Uhuru Growth Fund I
Business sector: Private Equity Fund
Agreement year: 2021
Uhuru Growth Fund I is a mid-market private equity fund that will provide growth capital to mid-market companies across West Africa, focusing on Nigeria, Ghana, Cote d’Ivoire, Burkina, Faso, Mali and Senegal. Uhuru Growth Fund I will invest in high growth sectors, with emphasis on consumer-related industries and financial services
Green Resources
Business sector: Forestry
Agreement year: 2012, 2018, 2019
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 Capital Limited
Business sector: Development financing
Agreement year: 2011
Norsad is an impact investor that provides flexible and customised financing solutions to mid-market growth companies in the Southern African region.
M-Birr
Business sector: Digital infrastructure and solutions
Agreement year: 2011, 2014, 2016, 2017, 2021
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
Business sector: Manufacturing
Agreement year: 2015
SINI Furniture Interior Design PLC designs, manufactures and sells furniture in Addis Ababa, Ethiopia.
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
Business sector: Forestry
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.
Catalyst Fund
Business sector: Private Equity Fund
Agreement year: 2011
Catalyst Fund is an equity fund operating in Africa.
Althelia Climate Fund SICAV
Business sector: Climate 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
Business sector: Financial institution
Agreement year: 2014, 2021
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.
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
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.
Bank of Georgia JSC is the second biggest bank in Georgia. It finances retail, micro, SME and corporate clients. It has about 2,300 employees and loan portfolio of USD 3.5 billion and 2.4 million clients.
The purpose of the financing is strengthening of bank’s capital position to allow future growth
Vietnam Debt Fund SPC
Business sector: Private equity fund
Agreement year: 2021
Finnfund is a parallel lender to the IFC’s loan syndication to Vietnam Debt Fund SPC. The fund is sponsored by Dragon Capital Group (DCG) and managed by Dragon Capital Management (HK) Limited. The fund’s target size is USD 120 million.
The investment objective is to
- invest in a portfolio of corporate bonds which are mainly denominated in VND and issued by mid- to large-sized private companies in Vietnam;
- mainly invest in bonds from the primary market; and
- actively seek for capital gain by selling in the secondary market.
Vietnam is considered one of the most stable countries in Southeast Asia. The economy expanded 2.91% in 2020 after having posted gross domestic product growth above 7% for two consecutive years with the economy set to bounce back to 6.8% in 2021.
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
Business sector: Financial institutions
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
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.
Interact Climate Change Facility (ICCF)
Business sector: Development financing
Agreement year: 2011, 2013, 2016, 2020
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
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.
Business sector: Agibusiness
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.
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
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.
Thai Biogas Energy Company
Business sector: Biopower
Agreement year: 2003
TBEC is a biogas company operating in Thailand and Laos. TBEC contributes to climate change mitigation as well as additional positive environmental
AfricInvest Fund Ltd.
Business sector: Private equity fund
Agreement year: 2004, 2007, 2008, 2014, 2020
AfricInvest Fund IV (2020) is a pan-African fund focusing on companies across Africa where the Fund has a local presence. The Fund will continue to invest in line with the investment policy and targets of the previous AfricInvest funds and concentrate on familiar sectors. The focus sectors are financial services, manufacturing, fast moving consumer goods, agribusiness, healthcare, education and logistics
Miro Forestry Sierra Leone
Business sector: Forestry and wood products
Agreement year: 2018, 2014, 2015, 2019
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
Business sector: Agribusiness
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.
Schulze Global Ethiopia Growth and Transformation Fund
Business sector: Private equity fund
Agreement year: 2014
Schulze Global Ethiopia Growth and Transformation 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.
Goldtree Sierra Leone Limited
Business sector: Agribusiness
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 that supplies raw material for the mill and generates income directly and indirectly for thousands of local farmers.
Advans Group
Business sector: Microfinance
Agreement year: 2019
The Advans Group is a leading international microfinance group, currently serving about 800,000 clients with the staff close to 7,500 employees in nine countries. Advans has established its operations as greenfields apart from Cambodia. The company targets developing markets where clients are lacking adequate access to financial services and where there is high potential for growth and creation of social value.
The Catalyst MENA Clean Energy Fund
Business sector: Energy
Agreement year: 2016
The Catalyst MENA Clean Energy Fund (CMCF) was launched in 2016 with a focus on renewable infrastructure.
Societe JTF Madagascar SARL
Business sector: Agriculture
Agreement year: 2019
Societe JTF Madagascar SARL was established by the Italian renewable energy company Tozzi Green SpA in 2010 and the company is concentrating nowadays on food crops such as maize, soya beans and geranium cultivation. The company produces food and feed crops for the local market.
The Project Company operates a large-scale farm in Satrokala and Andiolava towns in the district of Ihosy, about 660 km from Antananarivo. The farm is entirely supported by independent wind and solar energy and is not connected to the grid.
Agri-Vie Fund II (Pty) Ltd.
Business sector: 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
Business sector: Manufacturing
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.
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
Business sector: Financial institutions
Agreement year: 2004, 2010, 2017, 2020
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 Finance
Business sector: Financial institutions
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.
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.
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
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.
Business sector: Energy
Agreement year: 2021
A holding company has been established together with the Norway-based Norsk Solar SA to fund and own power solutions with solar photovoltaic (PV) component for commercial and industrial (C&I) and utility clients with a targeted aggregated capacity of 50 MW in Finnfund’s target markets.
The geographical scope is global. Significant portion of projects is expected to be in C&I projects in Vietnam.
Hakan-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
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.
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.
Business sector: Forestry
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.
Business sector: Mining support service activities
Agreement year: 2016
Gemco Kati Exploration Pvt. Ltd. provides mining support services in India.
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.
Toplana Zenica d.o.o. (ArcelorMittal)
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.
Agreement year: 2020
Finnfund provides financing for Procarsa, one of the leading packaging companies in Ecuador, and paper mill Surpapelcorp.
Surpapelcorp uses recycled corrugated and cardboard materials in its paper production process. The company has created its own supply chain of recycled waste paper (subsidiary called RePapers). Paper produced by Surpapelcorp is mainly used by Procarsa in its cardboard box production.
Finnfund is providing sustainable long-term financing and working capital for the borrowers.
First City Monument Bank
Business sector: Financial Institutions
Agreement year: 2019
First City Monument Bank Ltd is among the ten biggest commercial banks in Nigeria. It finances retail, micro, SME and corporate clients. It has about 2 300 employees and a loan portfolio of USD 1.8 billion, and about 6 million customers. The bank's strategic goal is to grow its SME (including Agri) and retail portfolio, facilitating financial inclusion among under-served clientele. The Bank has in-house and client-focused incentives and programmes to support and encourage female participation in employment and entrepreneurship.
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.
Evolution II (Mauritius) L.P
Business sector: Private equity fund
Agreement year: 2018
Evolution II is a 10-year closed-ended fund with a mandate for equity and equity-related investments into two principle investment streams: development and project finance infrastructure-type investments in clean and sustainable energy; and growth equity investments in energy and resource efficiency companies, and the value chains that support them.
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
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.
eAdvance Proprietary Limited (Spark Schools)
Business sector: Education
Agreement year: 2020
The company provides affordable, high quality K-12 education in South Africa. Through a combination of teacher-led instruction and online learning, rotational classroom set-up, and strong emphasis on educators’ professional development, SPARK Schools provides the best standards of education at a competitive price accessible to the many. The company has grown to become the 3rd largest network of private K-12 schools in South Africa, operating 18 institutions and serving over 10,500 families from diverse social & cultural backgrounds.
Fortum Charge & Drive India Pvt. Ltd (e-Mobility)
Business sector: Charging service
Agreement year: 2020
Expansion of a charging network for electric vehicles in a few of the biggest cities in India.
Polykrome S.A.
Business sector: 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.
African Development Partners III Mauritius
Business sector: Private Equity Fund
Agreement year: 2021
African Development Partners III (ADP III) is a private equity fund that will seek to invest across Africa.
The Fund is the third generation PE fund of Development Partners International (DPI). DPI’s strategy is to build a diversified pan-African portfolio of private equity investments in established and growing companies benefiting from Africa’s fast-growing middle class.
ADP III will contribute to creating value within its investees and the positive impact they have on their local communities, creating more jobs and increasing tax revenues.
OP Finnfund Global Impact Fund I
Business sector: Fund
Agreement year: 2020
As the first global impact investment fund in Finland, the OP Finnfund Global Impact Fund I provides professional investors with a means to promote the achievement of the UN SDGs by investing in high-impact projects in developing markets.
Synergy Private Equity Fund II LP
Business sector: Forestry
Agreement year: 2021
Synergy Private Equity Fund II is a fund targeting high-growth SME companies in Nigeria, Ghana, Liberia, and Sierra Leone.
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.
Wave Mobile Money
Business sector: Fintech
Agreement year: 2022
To spur financial inclusion and support economic growth in Senegal and Côte d’Ivoire, Finnfund has made an investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.
The Project consists of a financing package of EUR 90 million comprised of a EUR 25 million loan from IFC, IFC B Loans of a combined EUR 41 million from Symbiotics, Blue Orchard, responsAbility, and Lendable, as well as parallel loans of EUR 24 million from Finnfund and Norfund. The borrowers will use the proceeds of the financing to fund their working capital needs, including the pre-financing of agents and bill payments.
Valency International Trading SARL.
Business sector: Agriculture
Agreement year: 2022
Valency International is an international Integrated Supply Chain management company in agri-commodities and agri-input sectors with subsidiaries in 15 countries and a diversified product portfolio. With this financing, the company is setting up a new state-of-the-art cashew processing plant to produce cashew kernel nuts and cashew nut shell liquid oil in Cote d’Ivoire. Through this investment, Valency is expected to become one of the largest cashew kernel nut processors in Cote d’Ivoire.
Kaios Technologies Pte. Ltd.
Business sector: Digital infrastructure and solutions
Agreement year: 2022
KaiOS Technologies is the leading mobile Operating System (OS) for smart feature phones and the third largest OS after Android and iOS. The company has shipped over 170 million devices and has over 190 models available, including Nokia phones. With Finnfund’s investment, KaiOS can expand into new markets in Sub-Saharan Africa.
The investment is classified as a 2X Challenge eligible gender investment as it supports women to close the digital divide across lower-middle-income countries. KaiOS brings a more affordable device to the market and hosts applications and content specifically targeting women and girls.
Bayport Management Ltd
Business sector: Financial institutions
Agreement year: 2022
Bayport is issuing a Subordinated Social Bond in order to finance its activities in operative finance companies in Sub-Saharan Africa and Latin America. The funds will be utilised as per the Social Finance Framework established by Bayport and second opinioned by Standard & Poors rating agency.
Oasis Invest Uzbekistan Limited
Business sector: Financial institution
Agreement year: 2022
Inspiring Development sought to establish a new microfinance company to be called Oasis Microfinance in Uzbekistan, which is one of the few remaining underdeveloped microfinance markets in Asia. Finnfund participated in the financing of the greenfield operation.
TPL Insurance Limited
Business sector: Insurance
Agreement year: 2022
Incorporated in Pakistan in 1992, TPL Insurance is the 6th largest non-life insurer in Pakistan. It is focused on targeting retail customers with simple, innovative, and need-based products with digitally evolved systems. Having its cornerstone in motor insurance, it provides a complete range of insurance solutions across the non-life insurance product spectrum, including agri insurance products that help to strengthen the financial security of underserved farmers. Finnfund’s equity investment in TPL helps to support the expansion of Pakistan’s nascent insurance industry, which plays an important role in closing the protection gap.
VinFast Trading and Production Joint Stock Company
Business sector: Manufacturing
Agreement year: 2022
Established in 2017 by Vingroup JSC, VinFast is Vietnam’s leading automotive manufacturer and the only domestic, home-grown brand in the car and motorcycle market.
The Company has established a strong reputation in electric vehicles and is, with the support of USD 135 million syndicated debt arranged by ADB, expanding its electric bus manufacturing operations and charging network.
Igloo (Axinan Pte Ltd)
Business sector: Insurance
Agreement year: 2022
Igloo is an InsurTech, established in 2016 as Axinan Pte Ltd, with a mission to provide “Insurance for All” by making insurance accessible through technology. Igloo provides non-life microinsurance products to customers across Southeast Asia, with Indonesia, Vietnam and the Philippines as the key target markets.
Tech platform allows tapping into an underserved market that is difficult for traditional insurance companies to address. Igloo has processed more than 250 million policies to date, with an average policy size of 20 US cents.
Low insurance penetration and high mobile penetration in the region allow the potential for GWP growth.
Vantage Mezzanine IV Feeder Partnership
Business sector: Private Equity Fund
Agreement year: 2022
Vantage Mezzanine Fund IV (the “fund”) is a Pan-African generalist mezzanine fund managed by Vantage Capital. The fund aims to build a portfolio of 12-20 investees (combined across the two sub-funds/one Pan-African and one Southern African). The fund is sector agnostic.
Salo Tech Thailand Ltd.
Business sector: Solar power
Agreement year: 2020
A modern, automated solar panel factory in Thailand. The capacity of the factory is 100 MWp a year. The main market of the factory is Thailand, but it will target the neighbouring markets too.
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.
Phatisa Food Fund 2 Prallel LLC
Business sector: Private Equity Fund
Agreement year: 2021
Phatisa Food Fund 2 is a pan-African fund focusing on African agriculture and food value chain, focusing on inputs to food production, integrated food production and processing, food manufacturing and fast-moving consumer goods and food service.
Kashf Foundation
Business sector: Microfinance
Agreement year: 2020
Kashf Foundation (Kashf) is one of Pakistan’s leading specialised microfinance institutions which aims to economically mainstream and empower women in Pakistan by demonstrating that there is a business case for women’s entrepreneurs.
Proximity Finance Microfinance Company Limited
Business sector: Microfinance
Agreement year: 2020
Proximity Finance Microfinance Company Limited is Myanmar’s first farmer-focused finance institution. Proximity Finance was launched in 2010 as the microfinance arm of Proximity Designs. Proximity Designs is one of the largest agricultural services platforms in Myanmar, providing a combination of farm technology, advice, and financial services to small family farms across the country. Proximity Finance serves over 130,000 smallholder farmer households through 16 branches, reaching 2,000 villages in 9 of Myanmar’s 14 states and regions.
Finnfund participates with USD 4.7 million equity in Proximity Finance’s USD 14 million equity package together with Nordic Microfinance Initiative (NMI) and Proparco. The funds will be used to increase loan sizes to adequately meet the capital requirements of small farms in order to boost farm yields and profits, to diversify Proximity Finance’s financial product offering, and invest in technology and systems with the goal of growing the gross loan portfolio and doubling the active smallholder farmer client base.
Hospital Holdings Investment B.V.
Business sector: Health
Agreement year: 2018
MLR Forestal de Nicaragua
Business sector: Forestry and agriculture
Agreement year: 2019
Finnfund is providing a USD 10 million loan to finance the expansion project of MLR Forestal de Nicaragua, a forestry company operating teak and cocoa plantations. The company will sell most of its certified teak through international traders to Indian and other Asian markets. The fine cocoa produced is currently sold in the local Nicaraguan market but as production continues to increase, international markets will be sourced. MLR plans to expand its planted area by another 1,900 hectares to reach a total area of approximately 4,500 hectares.
Convergence Partners Digital Infrastructure Fund
Business sector: Private Equity Fund
Agreement year: 2022
Convergence Partners Digital Infrastructure Fund is a private equity fund that will seek to make up to 12 investments across Sub-Saharan Africa. The fund is the third investment vehicle of Convergence Partners. Convergence Partners’ strategy is to invest in the digital infrastructure sector primarily by way of growth capital.
Digital Infrastructure is critical for the African continent to leapfrog into the digital services world. People will benefit from improved digital infrastructure services directly and indirectly the services will provide improved business opportunities, services, and employment opportunities. There is a major gap in financing digital infrastructures vs. the needs, and thus, the fund will allow and speed up this development.
New Forests Company Holdings l Limited
Business sector: Forestry
Agreement year: 2019, 2020
New Forests Company is a forest plantation and processing company which has three operating companies in Tanzania, Uganda and Rwanda. The Group Companies have planted over 20,000 hectares of trees and is estimated to sequester over 200,000 tCO2e annually. The New Forests Company has pole plants in each country and sawmills in Uganda and Rwanda.
Business sector: Digital infrastructure and solutions
Agreement year: 2020
Kasha is an e-commerce platform improving women’s access to health, hygiene, and self-care products in East Africa. The company sells a range of menstrual care products, contraceptives, pharmaceuticals, and beauty products via its own platform. Kasha aims to act as a trusted source of information around women’s products and operates in close cooperation with selected health partners.
Kasha’s products and services are accessible through the web platform, as well as with a basic phone, and via an agent network to serve women in rural areas. Last-mile delivery to customers is handled confidentially.
Kasha was first founded in 2016 in Rwanda and has since expanded to Kenya. The company has delivered over 830,000 products to over 100,000 consumers, with over 80,000 of which are direct customers and 75% of which are low-income. With Finnfund’s investment Kasha looks to grow its presence in current markets as well as expand and pilot its concept in three new countries in Africa.
Nafoods Group Joint Stock Company
Business sector: Agriculture
Agreement year: 2020
Nafoods Group Joint Stock Company is a Vietnamese fruit manufacturer and exporter with a leading position in passion fruits. The Company is engaged in the production and sales of fruit concentrate and puree, frozen fruit products, passion fruit seedlings, dried fruits and fresh fruits, covering the entire fruit processing value chain from planting to sales. Nafoods group utilizes over 30 different fruits and vegetables in processing varying with seasonality of harvest, including passion fruit, banana, kumquat, pineapple, mango, ginger, coconut, dragon fruit, pomelo, lime and lychee etc. Finnfund’s financing will be used for the contruction of dried fruit manufacturing plant.
First National Bank Ghana
Business sector: Bank
Agreement year: 2020
Finnfund’s financing is a part of a DEG-led loan syndicate of USD 85 million, including Proparco and Norfund as co-lenders. Finnfund’s proposed financing is allocated to a newly formed bank through the merger of GHL Bank Limited and First National Bank Ghana following the acquisition of GHL Bank by FNB Ghana. Participation in this transaction will support the development of the nascent Ghanaian mortgage market and provide increased possibilities for lower income household home ownership.
Neoma Africa Fund L.L.C.
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
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
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.
Australis Aquaculture Vietnam Limited
Business sector: Agriculture
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
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
Business sector: Financial institution
Agreement year: 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.
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.
ETC Group (Mauritius)
Business sector: Agriculture
Agreement year: 2020
Export Trading Group (ETG) is a large and diversified agricultural commodity trader and processor with most of its operations in Africa. ETG has about 70 direct subsidiaries serving more than 40 countries on five continents.
ETG is one of the largest players in agribusiness trading and processing in Africa. Several major DFIs are funding its operations and it is widely considered as one of the most bankable agribusinesses in Africa. DEG is arranging a USD 150 million senior unsecured long-term working capital facility for ETG in order to structurally improve the balance sheet and enhance trading growth. The DEG arranged facility will be contractually earmarked to Africa and Finnfund’s proceeds will be used in Tanzania, Malawi and Mozambique in five ETG subsidiaries.
Humania
Business sector: Healthcare
Agreement year: 2019
Humania is an established special purpose vehicle to finance the development of high-quality multispecialty hospitals and healthcare assets in North Africa and Pakistan. Humania will be established by Bait Al Batterjee Medical Co and will initially focus on four projects in Egypt and Morocco. All assets will be operated under the Saudi German Hospital banner.
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.
Business sector: Financial institutions
Agreement year: 2020
Ecobank requested Credit Bank Europe to arrange a USD 125 million one year term loan facility to be used for trade financing and general corporate purposes. Finnfund’s funds will be allocated for trade financing and SME financing.
Founded in 1985 and headquartered in Lomé, Togo, Ecobank provides consumer and commercial banking, corporate and investment banking to over 20 million customers, ranging from individuals, small and medium-sized enterprises, regional and multinational corporations, financial institutions, international organisations and governments.
Ecobank is present in 36 African countries.
Lona Group Ltd (Lynx Food Group)
Business sector: Agriculture
Agreement year: 2022
Lona Group is a vertically integrated fruit food business in South Africa. Established in 1996 and having its headquarters in Cape Town, Lona Group markets and exports citrus fruit from its own farms and on behalf of other producers. The company has expanded into agro-processing, logistics, and services during the past decade. Finnfund co-invests in Lona Holdco, which owns the majority of Lona Group, together with Phatisa Food Fund 2, BII, and Norfund.
The expansion investments with the equity capital relate mainly to the expansion of food and fruit product processing capacity, cold storage-related investments, orchard net investments, small orchard expansion on selected farms, and finally to corporate acquisitions, which relate to buying out minority shareholders of selected group entities.
Kentegra Biotechnology Holdings LLC
Business sector: agriculture
Agreement year: 2022
Kentegra Biotechnology produces Pale Refined Extract from the pyrethrum flower sourced from smallholders in Kenya. The extract is used as a 100% natural ingredient in manufacturing insecticides, pesticides, and other agricultural and household formulations.
Finnfund is investing USD 5 million in equity to support building a new processing facility in Kenya to expand the production capacity.
Co-operative Bank of Kenya Ltd.
Business sector: Financial Institution
Agreement year: 2022
Co-operative Bank of Kenya Ltd was founded in 1965 as a bank for the cooperative movement in Kenya. While having a strong cooperative identity and being the principal banker for the cooperative movement in Kenya, the Bank has evolved into a universal, third-largest bank in Kenya.
A significant portion of Co-op Bank´s clientele is individuals and MSMEs. The loan proceeds will be used to support the MSME loan portfolio growth, which will facilitate financial inclusion among underserved clientele.
Softlogic Life Insurance
Business sector: Insurance
Agreement year: 2020
Softlogic Life Insurance PLC is the fastest growing life insurance company in Sri Lanka having enjoyed 30% annual Gross Written Premium growth during the past 5 years and improved market ranking to 3rd place from 8th position. Softlogic Life is pioneering in inclusive business development in the life insurance sector in Sri Lanka, and owing to its innovative and accessible delivery channels and products, the company has been able to build a sizeable client base among low-income customers. The loan from Finnfund will classify as Tier 2 loan and as such it will strengthen Softlogic Life’s solvency and as such support the strong growth of the company.
Yalelo Limited
Business sector: Agriculture
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)
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.
Fuzu
Business sector: Digital infrastructure and solutions
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
Business sector: Fund/Microfinance
Agreement year: 2017, 2018, 2020
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.
Bandwidth and Cloud Services Group Holdings (BCS)
Business sector: Digital infrastructure and solutions
Agreement year: 2021
Bandwidth and Cloud Services Group (BCS) is a Mauritius-headquartered wholesale telecom infrastructure provider operating under licenses in several African countries. The Group offers two primary services that generate a combination of recurring and one-off project revenues: (i) acting as a wholesale telecom service provider by selling bandwidth capacity to mobile network operators and internet service providers every month, and (ii) acting as an EPC contractor and constructing terrestrial fibre infrastructure for its clients.
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.