FMO Ventures funds SolarX based on Dentons' advice
FMO Ventures funds SolarX based on Dentons' advice
SolarX is a commercial and industrial solar rooftop firm operating in Mali, Burkina Faso, and Senegal. FMO Ventures invested €5.5 million in the company through the purchase of convertible notes and redeemable shares and Dentons served as legal counsel.
The Dutch Development Finance Company, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), has as its stated aim the promotion of equitable and sustainable economic growth through the efforts of private sector entrepreneurs. FMO Ventures, the firm's VC arm, puts most of its money into early-stage direct investments with a lead investor or in indirect investments with a broader focus on funds. The connecting thread among these investments is the deployment of cutting-edge methods of doing business and tools to expand the availability of low-cost goods and services to previously underserved areas.
Companies of all sizes, including those who previously had to rely on expensive diesel generators and an unreliable and expensive grid, can now benefit from SolarX's clean, affordable, and reliable power. It is an industry leader in the design, installation, and maintenance of solar photovoltaic (PV) systems that are linked to the grid, and operate independently or combine the two. The West African nations where SolarX does business are extremely sensitive to climate change. The investment from FMO will help with expanding electricity access, lowering electricity costs, increasing local employment, and decreasing carbon dioxide emissions.
FMO was advised on the transaction by a cross-border team led by partner Nadia Cansun (Istanbul). Assisted by senior associate Tim Mosk and associate Kevin Boekhout in Amsterdam, managing partner Sivakumaren Mardemootoo, managing associate Rowin Gurusami and associate Aanchal Rohira in Mauritius, and associates Mert Buberoglu and Ahsen Melda Arabaci at Balcolu Selçuk Ardyok Keki Attorney throughout Mali, Burkina Faso and Senegal, Satis Legislation was there to offer operational guidance based on local law.
