Ploum advises Social Investment Managers and Advisors, LLC in setting up Energy Access Relief Fund B.V., a debt fund that will provide Covid19 relief funding to access to energy companies

Ploum has assisted Social Investment Managers and Advisors, LLC (SIMA) in structuring and setting up Energy Access Relief Fund B.V. (EARF), an impact fund that issues notes to investors and subsequently on-lends these funds as emergency funding to access to energy companies impacted by the COVID pandemic (active in inter alia off-grid solar home systems, clean cooking and mini-grid) in emerging markets. EARF aims to provide two solutions barriers, namely (1) offer liquidity to preserve and support the access to affordable, reliable, sustainable, and modern energy for all and (2) help stabilize the energy access sector by providing security for local clean energy jobs.

Some of the fund’s first investors are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) and CDC. SIMA is a US impact fund manager and adviser that already manages the SIMA Off-Grid Solar and Financial Access Senior Debt Fund I and the SIMA Angaza Distributor Finance Fund.

Setting up EARF required a combination of expertise that Ploum could offer as a multi-service office. A multidisciplinary team has drawn up and advised on various agreements in close cooperation on legal aspects relating to matters such as property law, contract law, corporate law and financial supervision law. Ploum's team consisted largely of a new generation of partners and associates, which has proved to be a good and successful result of the strategy of growth, specialization, innovation and rejuvenation that had already been initiated at Ploum.

“We were deligthed to support SIMA on this highly significant initial USD 68 million fund structuring. We are proud that we have assisted on this transaction that will enable essential financial support to energy access companies in sub-Saharan Africa and Asia. We very much look forward to working alongside SIMA on future milestone deals.” - Lucas Lustermans, partner at Ploum

“This is the second time that SIMA and Ploum have successfully worked together. The team provided expert advice and was pragmatic and available when necessary. This project has laid a solid foundation for further enjoyable collaboration.” - Matthijs Laban, senior legal counsel at SIMA

The team at Ploum was led by Lucas Lustermans (partner Banking & Finance) and further comprised of Joost Kool (senior associate Banking & Finance), Jolande van Loon (partner Notarial corporate law) and Arjen van de Belt (deputy civil law notary Notarial corporate law).

More information about the Banking & Finance team at Ploum can be found here.