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Credit/loans offered with assets, e.g. inventory and equipment, used as collateral. Transaction is recorded on the balance sheet as a debt affecting the financial position of a company. Credit/loans offered with assets, e.g. inventory and equipment, used as collateral. Transaction is recorded on the balance sheet as a debt affecting the financial position of a company. Funds used to purchase physical assets such as property, plants, buildings, technology, and equipment. Brick and mortar only (including construction and labour), no soft costs included. A security pledged for the repayment of a loan. Debts that have longer than commercially available loan tenors, or lower that commercially available interest rates, or less restrictive collateral requirements, or forgiveness for all or some part of the principal. A debt that can be converted into equity or stock. International financial institution with a mandate to finance projects that achieve development outcomes, e.g. The Word Bank. Independent Power Producers that are at pre-PPA stage but are in the process or have already obtained relevant permits. Refers to contractors who design the project, procure the equipment, and construct the facility for a client all under a single contract and for a fixed price amount. A metric used in financial analysis to estimate the profitability of potential investments. Refers to the timeframe within which an investment will be held before being sold. Monetary assets, usually grants, loans, or equity, give to fund seekers for operations, expenditures, and project execution. As opposed to “pari passus” guarantee coverage, where the guarantor covers loan losses on an equal basis with a lender, (i.e. where the loan principal is $1000 and $100 is lost and the pari passu cover is 50%, the guarantor pays out only 50%). With first loss, the guarantor provides a pay-out of 100% of the losses up to first loss cover, (i.e. where the loan principal is $1000, and the first loss coverage is 10%, on the same $100 lost, the guarantor provides a pay-out of the full $100, since it is not greater than 10% of the loan amount). A funder or investor giving grants, technical assistance, equity and mezzanine/subordinated loans, concessional loans, commercial loans, guarantees and risk mitigation instruments, or any other financial instrument. A form of financial assurance used to secure debt liabilities. Can be called upon (called a guarantee call) by the lender in the event of a loan default or payment arrears. The guarantee provider is called a guarantor. Only considers investments meeting certain economic, environmental, and social criteria, while also generating financial returns. A discount rate used to determine the future profitability an investment is expected to generate over time. Involves utilising a company’s purchased inventory as collateral for a loan. Financial regulations that comply with Islamic law (Shariah) and follow specific stipulations e.g. inability to take interest-based loans. A type of debt that is only paid out after other debts are settled when a company gets liquidated due to insolvency. A type of debt that is only paid out after other debts are settled when a company gets liquidated due to insolvency. IPPs that have equity partners but no EPC contract and no debt financing. The amount of own equity that a lender requires the borrower to place towards the total project cost in order to provide a loan for the balance. A claim put on installed equipment to be used as collateral. Used for bank loans and insurance contracts to indicate the length of time a loan is valid until it’s due. Funds paid out to an organisation based on some percentage contribution made to the total project cost by the grantee. A form of debt instrument which is subordinated to senior lenders, therefore carries a higher interest for the greater risk assumed of non-payment and is usually convertible to equity IPPs that have acquired land, PPA, and the relevant permits. A one-time fee charged by a lender/guarantor for processing and approving a loan/guarantee application. Where the guarantor assumes only partial risk of non-payment, usually 50%. The shares of the company are collateralised to secure a loan. Assets owned by the company, such as equipment or a building, are collateralised to secure a loan. For individual shareholders, personal property assets of individual shareholders are collateralised to secure a loan. For IPPs, this is the ideation stage before the acquisition of relevant permits. In contrast to the household usage of energy resources, productive usage refers to utilising energy for agriculture, commercial, and industrial purposes. Restructuring a debt. Initial funding for a business to turn an idea into a product or service. Debt that is paid out first when a loan is in arrears, after a loan is called into default or when a company is dissolved. Funding rounds for companies at different developmental stages. Series A is the funding raised after seed funding, while Series C is raised once company is almost at maturity and looking to scale or enter new markets. An independent power producer that generates and sells less than 10MW. A specialised investment fund that pools resources to invest equity solely in the energy sector. A fund set up to solely provide debt financing for the off-grid energy sector enterprises. A large corporate investor that invests for strategic gain, e.g. to access a promising technology. Reduced interest rate that is lower than commercial interest rates. Third affiliated party that agrees to back a loan or debt. Average amount of funding made available for each individual recipient. Day-to-day operational expenses.

Description

The Belgian Investment Company for Developing countries (BIO) offers both equity and quasi-equity to support a strong private sector in developing and emerging countries.

Information

Financial instrument type
Equity+Mezzanine Debt
Financing entity type
DFI/Donors
Market segments
Small Scale Independent Power Producer - Below 10MW: Solar, Wind, Biomass, Hydro

Commercial and Industrial

Mini-grids: Non-renewable, Solar, Small Hydropower, Hybrid

Solar Home Systems
Geographic focus
Sub-Saharan Africa
Caribbean
(Countries eligible for project funding can be found on the BIO website, but also includes Asia, Latin America, Northern Africa and the Middle East.)
Countries
Benin
Burkina Faso
Burundi
and 19 more
Cameroon
Ethiopia
Ghana
Guinea
Ivory Coast
Kenya
Madagascar
Malawi
Mali
Mozambique
Niger
Nigeria
Rwanda
South Africa
Tanzania
The Democratic Republic of Congo
The Dominican Republic
Uganda
Zambia
show less
Investment Stages
For off-grid enterprises: Series B and C, Mezzanine Debt

For IPPs: Late stage (equity partner, pre-EPC contract + debt financing)
Preference of stake
Minority stake preferred
Equity IRR/interest rate
10 – 15
Average exit horizon/range of mezzanine debt tenors
After 10 or more years
Currencies
Euros
US Dollars
Minimum size of investments
3,000,000 - 5,000,000 (EUR)
Maximum size of investments
5,000,000 - 10,000,000 (EUR)
Average size of investments
3,000,000 - 5,000,000 (EUR)
Eligibility criteria
  • Has to be incorporated
  • Should be legally registered entity in the target country/region
  • Should have been operational for a minimum amount of time: 3 years
Special set-asides or additional evaluation points for the following groups
  • N/A
Application documents needed
  • Pitchdeck
  • Company registration documents
  • Historical financial statements
Technical assistance
Technical assistance is provided at cost
Types of technical assistance provided
  • Financial advisory + capital raising
  • Financial management + new management systems
  • Analysis + implementation of new business models
  • Support with marketing + distribution arrangements
Fund manager
BIO is a development financing institution that was created in 2001 out of a public-private partnership between the Belgian state and the Belgian Corporation for International Investment. Its mission is to support the private sector in developing countries by providing long-term financing for small and medium sized enterprises and microfinance institutions.
Headquarters
Brussels, Belgium
Other branches
Abidjan; Nairobi
Public contact