FMO approves financing for Metier-backed energy services company
FMO, the Dutch entrepreneurial development bank, has approved financing of $25 million for Energy Vision (EV), which provides end-to-end energy services to telecom towers owned by mobile network operators and tower companies.
EV’s business model is to reduce the reliance on expensive and carbon-intensive diesel generators by installing hybrid power equipment (a combination of batteries, solar panels and diesel generators, all controlled by a remote monitoring system), implementing energy efficiency measures, and where possible connect off-grid towers to the grid.
EV was incorporated in 2014 and provides energy services to around 680 towers in Gabon (for Airtel) and Nigeria (for 9mobile and MPS). EV is owned by its co-founders, South African private equity firm Metier through its MSCII Fund and Israel-based asset manager Altshuler Shaham, through its Altshuler Shaham Provident and Pension Fund.