Dentons advised FMO Ventures on its €5.5 million subscription for convertible notes and redeemable shares in SolarX, a commercial and industrial solar rooftop business active in Mali, Burkina Faso and Senegal.

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) is the Dutch entrepreneurial development bank, with a mission to enable entrepreneurs to increase inclusive and sustainable prosperity. Its venture capital program, FMO Ventures focuses on early-stage direct investments alongside a lead investor and indirect investments with a more generalist focus in funds. What all investments have in common is the use of innovative business models and technology to improve affordable access to goods and services in un(der)served communities.

SolarX provides clean, affordable and reliable power to small and medium-sized enterprises that currently rely on high-cost, high-emission diesel generators and an unreliable and expensive grid. It specializes in the development, construction and operation of grid-connected, stand alone and hybrid solar PV installations. The West African countries in which SolarX operates are highly vulnerable to climate change. FMO’s investment will contribute to increased access to power, reduced cost of electricity, growth in local employment, and a reduction in CO2 emissions.

A cross-border team led by partner Nadia Cansun (Istanbul) advised FMO on the transaction, with assistance from 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 Balcıoğlu Selçuk Ardıyok Keki Attorney Partnership in Istanbul. Satis law provided local law advice on operational matters in Mali, Burkina Faso and Senegal.