The project is supported by a diverse group of development finance institutions which have become co-funders and/or co-shareholders, lending significant funds to the project. Debt financing of EUR142 million is being provided by:
The Belgian Development Bank (BIO)
Sweden’s development finance institution, Swedfund International AB, and Dutch FMO joined Addax as equity partners with a 21% equity holding. Total investment costs are estimated at EUR 400 million and financial closing took place in December 2011.
The development finance institutions analysed the risks and opportunities of the Addax Bioenergy investment model at Makeni and approved it after more than two years of a thorough due diligence process conducted by internal and independent industry, environmental and social experts. Due to this partnership with international development finance institutions, Addax Bioenergy is subject to stringent monitoring over the 12-year term of the loan agreement that it is place.
Addax Bioenergy has done excellent work managing this project, FMO's largest in Sierra Leone so far," said Jurgen Rigterink, CIO of FMO. "The support of the population in and around the project area has been very strong; a clear vote of confidence for the project, which benefits all parties concerned and is set to become a model for sustainable investment in Africa."
Jurgen Rigterink, Chief Investment Officer, FMO