Hogan Lovells represents Overseas Private Investment Corporation as anchor investor in fund to provide financial access to off-grid solar products

Press releases | 22 July 2019

New York, July 22, 2019 – Hogan Lovells represented the Overseas Private Investment Corporation (OPIC) in its participation as anchor investor in a fund sponsored by Social Investment Managers & Advisors, LLC (SIMA) to provide financing for off-grid solar products in more than a dozen countries in Africa and Asia.

Under the terms of the transaction, OPIC, a self-sustaining U.S. Government agency established in 1971 to help American businesses invest in emerging markets, provided US$20m in debt financing to the SIMA Off-Grid Solar and Financial Access Senior Debt Fund I, B.V. The financing is structured as a US$15m Super Senior Loan and a US$5m Senior Loan which both mature on Oct. 9, 2021.

More than 1.2 billion people lack electricity in Africa and Asia and rely on kerosene for lighting and energy. Off-grid solar products offer cleaner, safer, brighter, more reliable and ultimately less expensive alternatives.

The Hogan Lovells team included partner Ricardo S. Martinez and associate Christopher Bonilla in New York, partner Anina Boshoff and associate Fezile Nkosi in Johannesburg, and partner Jan de Snaijer in Amsterdam.

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