Request for Expression of Interest for fund establishment and fund manager services to a multi-investor climate impact fund financing sustainable energy projects and companies in Nigeria.
For Fund Establishment and Fund Manager Services to a Multi-Investor Climate Impact Fund Financing Sustainable Energy Projects and Companies in Nigeria
All On hereby invites fund management firms and/or consortia to indicate their interest in the following Assignment: to provide fund establishment and fund management services to a multi-investor equity/quasi-equity climate impact fund (the "Fund") financing sustainable energy projects and companies in Nigeria (the "Assignment").The fund will promote local currency financing in Nigerian Naira where most appropriate. It is expected that the African Development Bank will support All On in raising financing from a variety of international sources as part of a wider effort to catalyse investment in sustainable energy across the continent.
The Assignment: The Assignment entails the overall responsibility for developing, establishing and managing the fund, which will make local and hard currency equity/quasi-equity investments in sustainable energy projects and companies that produce measurable and positive climate impact. The successful firm or consortium of firms selected for the Assignment will undertake typical fund establishment and management roles and activities,including: (i) identifying eligible and realistic pipeline; (ii) finalizing or preparing the fund's financial, governance, and operational policies and other relevant documentation for fund operation; (iii) preparing the fund's private placement memorandum, pitch-books, and other marketing materials; (iv)fundraising and undertaking investor relationship management; (v) negotiating and closing legal documentation with the Fund's investors and lenders; (vi)managing committed capital; Wii) evaluating eligible sustainable energy projects/companies for investment; (viii) deploying targeted, innovative and streamlined due diligence procedures; (ix) origination, structuring, closing and portfolio management of approved investments involving the deployment of the fund's capital; (x) regular prescribed reporting to the fund's directors and investors, including reporting on key development and climate indicators;and (xi) financial and operational management of the fund. The Fund Manager will operate under the guidance of an Advisory Committee comprising Limited Partners of the fund.
Required Basic Qualifications: Interested firms and/or consortia should provide relevant information on their qualifications and experience demonstrating their ability to provide the services, including: (i)documented track-record in commercial fund management (debt/equity, with preference for equity); experience in project finance, energy finance,corporate finance, receivables-based finance, and infrastructure finance; (iii)strong track record of relevant sustainable energy experience; (iv)demonstrated experience in climate finance and reporting; (v) evidence of a strong operational fund management team, including experienced investment staff and comprehensive middle- and back-offices, including renewables and climate impact experts; and (vi) substantive presence and/or experience in the countrg/region of focus. Interested parties must not have a conflict of interest with All On and should attest to this in their relevant Expression of Interest.
Recruitment Process: A maximum of six (6)qualified firms and/or consortia will be selected for the shortlist to receive the Request for Proposals (RfP). Expressions of Interest (EOIs) submitted by Interested Firms, which should not exceed fifteen (15) pages in length, may be shared with other potential investors in the fund.
EOIs will be evaluated taking into account the basic qualifications contained in Clause 3 of this REOI and against the following criteria:
- Track record of experience financing sustainable energy projects, with a particular focus on renewables-based projects, as well as energy efficiency solutions. 30%
- Track record of experience in commercial fund development 1+00/0 (including capital raising) and management,with an emphasis on equity and/or quasi-equity focused funds. 40%
- Experience working with Development Finance Institutions and International Donor Agencies and Institutions. 10%
- Relevant experience in Africa and/or other frontier markets (relevant experience in West Africa and/or Nigeria would be an advantage) 20%
Please note that interest expressed by an Interested Firm does not imply any obligation on the part of All On to include it in the shortlist of firms to receive the RfP.
The estimated duration of services: The estimated duration of services is August 2019 to December 2030.
Interested firms may obtain further information at the electronic mail address below during working hours: 09:00 to 17:00 hours(Lagos) until 17 January 2019 at 1200 hours (Lagos).
Expressions of Interest must be received at the following email address:All-On-Communications@all-on.com no later than 18 January 2019 at 23:59 (Lagos)and specifically indicating "Fund Establishment and Fund Management Services for A Multi-Investor Equity/Quasi-equity Climate Impact Fund Financing Sustainable Energy Projects and Companies in Nigeria".
All On // 1+4,Bourdillon Road,Ikoyi,Lagos, Nigeria.