Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Guatemala
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Approved
Bank Risk Rating: U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-03-24
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Ignite Holding (Kingo)
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2017-08-15
IGNITE HOLDING COMPANY INC.
FMO-48657

Project Description
FROM FMO: WHO IS OUR CLIENT Kingo, trade name for Ignite Holding Company, Inc. is the first commercial venture in Central America for rolling out off-grid prepaid energy solutions for households. Kingo positions itself as a utility-like provider of electricity to rural off-grid communities .The company's business model consists in installing home solar systems which remain the company's property and distributing prepaid energy credit through local distributors (shop keepers) that customers can purchase according to their budget and their energy needs. FUNDING OBJECTIVE The objective of the grant is to allow Kingo to continue expansion in the market and be able to show significant growth on solid/validated business model to support the equity raise contemplated at the end of 2016. The proceeds of funds is mainly used to fund the kits themselves and installation/maintenance activities. WHY WE FUND THIS PROJECT Ignite provides first time energy access to households via solar home systems in rural areas without a grid connection. Moreover, the energy access contributes to productivity of households and ultimately to economic growth (proper lighting and charging facilities allow work and study activity beyond sunset).
Investment Description
The financing comes in the form of a USD 2 million convertible grant to Kingo, in addition to the USD 12 million equity raise through series B contemplated at the end of 2016.
Contact Information
FMO The Netherlands +31 70 314 96 96 info@fmo.nl