This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
The Energy Access Relief Fund will provide relief capital in the form of short-term loans to an estimated 90 energy access companies in sub-Saharan Africa and Asia, still struggling with disruptions from COVID-19.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
Impact |
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How?
How? |
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Provide short-term liquidity to enable up to 90 primarily small and medium-sized energy access companies to remain solvent for the loan duration. As the sector is nascent and still largely pre-profit, without emergency funding a large proportion of otherwise financially and operationally-sound firms are at risk of insolvency due to prolonged COVID-19 related liquidity challenges. |
Who?
Stakeholder | Geography | Characteristics |
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Employees |
Pan-Africa and Asia |
Primarily sales and distribution, installation and maintenance, and call-centre agents. Over half of in-country employees in the sector reside in rural areas, 61 per cent are lower-skilled workers and 27 per cent are women. |
Consumers |
Pan-Africa and Asia |
Predominantly rural and low-income, with 41 per cent of solar home system customers and 51 per cent of mini-grid customers living below $3.20 per day. 35 per cent of customers are female. The main sources of income for energy access customers are self-employment in agriculture and other informal jobs. |
How much?
Scale | Depth/Duration |
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We expect the fund will help to safeguard energy access for up to 3.3 million households and up to 12,400 full-time equivalent in-country jobs in recipient companies over the loan duration. |
Depth: Surveys indicate that 61 per cent of solar home system customers and 54 per cent of mini-grid customers report significant quality of life improvements because of improved energy access. 7 per cent and 26 per cent of solar home system and mini-grid customers respectively, also report using their energy access for productive use, resulting in potential time saving and/or income generation. |
Contribution/additionality
Contribution/additionality |
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Financial additionality: High financial additionality due to high uncertainty and limited risk appetite among commercial investors for both the sector and market. We have taken a leadership role in the fund's development, including defining strategy, underwriting criteria, governance framework and driving fundraising. |
Risk
External RiskRelates to the risk that this funding is insufficient to meet the severity and/or duration of liquidity challenges experienced by recipient companies, and so fails to prevent insolvencies and ensuing job losses and loss of energy access for customers. Correlates with commercial risk and partially mitigated by eligibility criteria to screen out businesses that were already in financial stress pre-COVID-19 pandemic and/or are less well-established. Alignment RiskRelates to the risk that recipient companies do not use proceeds as intended to cover local operating costs and staff expenses, e.g. instead using funds to bail out or subsidise existing investors or lenders. Correlated with commercial risk and mitigated by covenants restricting use of proceeds to local operating and staff costs. Unexpected Impact RiskRelates to the risk that recipient companies do not take adequate measures to protect poor and vulnerable consumers and therefore have unintended adverse impacts on customers’ wellbeing. This is mitigated by companies being required to commit to the GOGLA Consumer Protection Code, and report on consumer protection practices at the application stage and bi-annually thereafter to be eligible for funding. |
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
The fund manager has a strong approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
When the last quarterly update of the website database occurred.
- June 2024
- Project number
An identifier number shared by investments in the same project.
- D4599
- Status
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Rest of the World
- Sector
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Infrastructure
- Investment type :
- Fund
- Start date :
- August 2021
- Amount :
- $15m
- Currency of investment :
- USD
- Fund Manager:
- Social Investment Managers and Advisors
- Domicile
The company or investment fund’s place of incorporation.
- Netherlands
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Climate finance
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type:
- Mitigation
- Last updated
Investments made by this fund into companies:
For further information about these companies, visit https://simafunds.com/
Investment name | Country | Region | Sector | Start date | Status |
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A4&T Power Solutions Ltd | Nigeria | West Africa | Infrastructure | January 2022 | Active |
All in Trade Limited | Uganda | East Africa | Infrastructure | March 2022 | Active |
Altech Group SARL | Congo | Central Africa | Infrastructure | June 2022 | Active |
Amped Innovation PBC | Senegal | West Africa | Infrastructure | March 2022 | Active |
Aptech Africa Limited | Uganda | East Africa | Infrastructure | March 2022 | Active |
Aptech Africa Limited-Loan II | Uganda | East Africa | Infrastructure | August 2022 | Active |
Aress Sas | Benin | West Africa | Infrastructure | March 2023 | Active |
Arnergy Solar Limited | Nigeria | West Africa | Infrastructure | November 2022 | Active |
ATEC Australia-Int. Pty Ltd | Cambodia | Southeast Asia | Infrastructure | April 2022 | Active |
Azuri Technologies Ltd | Kenya | East Africa | Infrastructure | November 2021 | Active |
Baobab Plus | Senegal | West Africa | Infrastructure | October 2022 | Active |
Barefoot Power Africa Limited | Kenya | East Africa | Infrastructure | March 2022 | Active |
Bboxx Capital Kenya Limited | Kenya | East Africa | Infrastructure | July 2022 | Active |
Bboxx PEG Africa Holdco Ltd | Senegal | West Africa | Infrastructure | November 2022 | Active |
Bidhaa Sasa Limited | Kenya | East Africa | Infrastructure | October 2021 | Active |
Bio-Innovations Company Ltd | Uganda | East Africa | Infrastructure | September 2022 | Active |
Burn Manufacturing USA LLC-Loan II | Kenya | East Africa | Infrastructure | July 2022 | Active |
Burn Manufacturing USA LLC, Kenya Br. | Kenya | East Africa | Infrastructure | August 2021 | Active |
COVID-19 Energy Access Portfolio (to be confirmed) | Global | Rest of the World | Infrastructure | September 2021 | Active |
Darway Coast Nig Ltd | Nigeria | West Africa | Infrastructure | July 2022 | Active |
Deevabits Green Energy Limited | Kenya | East Africa | Infrastructure | March 2022 | Active |
Dynamiss Lda | Mozambique | East Africa | Infrastructure | January 2023 | Active |
East African Power | Rwanda | East Africa | Infrastructure | April 2023 | Active |
Easy Solar, Sierra Leone | Sierra Leone | West Africa | Infrastructure | April 2021 | Active |
Ebits Limited | Malawi | East Africa | Infrastructure | April 2023 | Active |
ECO GROUP LIMITED | Uganda | East Africa | Infrastructure | September 2022 | Active |
EcoPower Liberia Inc. | Liberia | West Africa | Infrastructure | March 2022 | Active |
Energy Systems Limited | Uganda | East Africa | Infrastructure | June 2022 | Active |
Enra Power | Zimbabwe | Southern Africa | Infrastructure | May 2023 | Active |
EPSILON ENERGIA SOLAR, SA | Mozambique | East Africa | Infrastructure | September 2022 | Active |
Equatorial Power B.V. | Uganda | East Africa | Infrastructure | July 2022 | Active |
Everlink Telesat Network Ltd | Nigeria | West Africa | Infrastructure | November 2022 | Active |
FINCA Plus, LLC (Brightlife) | Uganda | East Africa | Infrastructure | March 2022 | Active |
Fincoop Savings and Cred Coop | Malawi | East Africa | Infrastructure | August 2022 | Active |
Fosera SolarSystems GMBH & CO, KGAA | Ethiopia | East Africa | Infrastructure | February 2021 | Active |
Givewatts East Africa Limited | Kenya | East Africa | Infrastructure | September 2022 | Active |
Goldi Solar (Pvt) Ltd | India | South Asia | Infrastructure | May 2023 | Active |
Green Impact Technologies Limited | Malawi | East Africa | Infrastructure | November 2022 | Active |
Greenergy Wind Corp Priv. Ltd | India | South Asia | Infrastructure | July 2022 | Active |
Havenhill Synergy Limited | Nigeria | West Africa | Infrastructure | January 2021 | Active |
Hinckley Ewaste recycling limited | Nigeria | West Africa | Infrastructure | April 2023 | Active |
Hyperteck Electrical Services Limited | Kenya | East Africa | Infrastructure | January 2023 | Active |
Ignite Mocambique, Lda | Mozambique | East Africa | Infrastructure | October 2022 | Active |
Inclusive Energy Ltd | India | South Asia | Infrastructure | September 2022 | Active |
Insolation Energy Limited | India | South Asia | Infrastructure | March 2023 | Active |
Kawaida Collaborative Limited | Zambia | East Africa | Infrastructure | June 2022 | Active |
Knights & Apps Limited | Kenya | East Africa | Infrastructure | January 2023 | Active |
L Solution Limited | Tanzania | East Africa | Infrastructure | January 2021 | Active |
Lanforce Trading (Pvt) Ltd | Zimbabwe | Southern Africa | Infrastructure | April 2021 | Active |
Lean Energy Solutions Limited | Kenya | East Africa | Infrastructure | August 2022 | Active |
Loom Solar Private Limited | India | South Asia | Infrastructure | January 2023 | Active |
Mibawa Suppliers | Kenya | East Africa | Infrastructure | December 2021 | Active |
Mobile Mart | Kenya | East Africa | Infrastructure | April 2023 | Active |
Mobile Power Ltd | Sierra Leone | West Africa | Infrastructure | December 2022 | Active |
MPower Ventures AG | Zambia | East Africa | Infrastructure | October 2021 | Active |
Munyax Eco Limited | Rwanda | East Africa | Infrastructure | December 2022 | Active |
Mwezi Limited | Kenya | East Africa | Infrastructure | August 2021 | Active |
Natfort Investments (Private) | Zimbabwe | Southern Africa | Infrastructure | October 2022 | Active |
Ndkay Zambia Limited | Zambia | East Africa | Infrastructure | February 2023 | Active |
New Age Solar Technologies(U) Ltd | Uganda | East Africa | Infrastructure | December 2022 | Active |
Nexgen Energy & Allied Services Ltd | Nigeria | West Africa | Infrastructure | January 2022 | Active |
NURU SARLU | Congo | Central Africa | Infrastructure | September 2021 | Active |
NXT GRID B.V. | Nigeria | West Africa | Infrastructure | April 2022 | Active |
Opes Solutions Limited | Rwanda | East Africa | Infrastructure | September 2022 | Active |
OTAGO Pte. Ltd. | Cambodia | Southeast Asia | Infrastructure | August 2021 | Active |
PAS Solar Limited | Nigeria | West Africa | Infrastructure | February 2021 | Active |
Pavicon (K) Limited | Kenya | East Africa | Infrastructure | February 2023 | Active |
Pawame Holdings Ltd | Kenya | East Africa | Infrastructure | March 2021 | Active |
Powerlive Zimbabwe Loan-II | Zimbabwe | Southern Africa | Infrastructure | March 2023 | Active |
Powerlive Zimbabwe Private Limited | Zimbabwe | Southern Africa | Infrastructure | February 2021 | Active |
Rafode Limited | Kenya | East Africa | Infrastructure | February 2022 | Active |
Raheja Solar Food Proc. Pv Ltd | India | South Asia | Infrastructure | July 2022 | Active |
RDG Collective | Zambia | East Africa | Infrastructure | November 2021 | Active |
Redavia GmbH | Kenya | East Africa | Infrastructure | November 2021 | Active |
Regain Thirty Seven | Zimbabwe | Southern Africa | Infrastructure | June 2022 | Active |
Saatvik Green Energy | India | South Asia | Infrastructure | March 2023 | Active |
Smarter Grid International | Nigeria | West Africa | Infrastructure | February 2023 | Active |
Solar Aid Limited | Uganda | East Africa | Infrastructure | September 2021 | Active |
Solar Nation | Uganda | East Africa | Infrastructure | March 2023 | Active |
Solar Panda | Kenya | East Africa | Infrastructure | October 2021 | Active |
Solar Works B.V. | Mozambique | East Africa | Infrastructure | December 2021 | Active |
Solar Works B.V. (Loan II) | Mozambique | East Africa | Infrastructure | March 2023 | Active |
Solar91 Cleantech Pvt Ltd | India | South Asia | Infrastructure | July 2022 | Active |
SolarAfrica Energy (Pty) Ltd | South Africa | Southern Africa | Infrastructure | November 2022 | Active |
Sollatek Electronics(Kenya) | Kenya | East Africa | Infrastructure | June 2022 | Active |
Solmenz Engineering Ventures Nig Ltd | Nigeria | West Africa | Infrastructure | March 2022 | Active |
SOSTAP Limited | Uganda | East Africa | Infrastructure | August 2022 | Active |
Spenomatic Kenya Limited | Kenya | East Africa | Infrastructure | December 2022 | Active |
Sunculture Kenya Limited | Kenya | East Africa | Infrastructure | October 2021 | Active |
Sunshell Technology Solutions | India | South Asia | Infrastructure | July 2022 | Active |
Swelect Energy Systems Limited | India | South Asia | Infrastructure | April 2023 | Active |
Taatisolar Namibia (Pty) Ltd. | Namibia | Southern Africa | Infrastructure | January 2023 | Active |
ThirdWave Power | Rwanda | East Africa | Infrastructure | February 2023 | Active |
Vitalite Zambia | Zambia | East Africa | Infrastructure | November 2021 | Active |
Wana Solutions Uganda Limited | Uganda | East Africa | Infrastructure | July 2022 | Active |
Weast Trading | Congo | Central Africa | Infrastructure | April 2023 | Active |
WidEnergy Africa Limited | Zambia | East Africa | Infrastructure | March 2022 | Active |
WINDGEN POWER USA INC | Sierra Leone | West Africa | Infrastructure | June 2022 | Active |
X-Solar Systems Ltd | Kenya | East Africa | Infrastructure | December 2022 | Active |
Yellow Digital Retailers Ltd | Malawi | East Africa | Infrastructure | August 2022 | Active |
ZIZ SA | Chad | Central Africa | Infrastructure | May 2023 | Active |
Zunroof Tech Private Limited | India | South Asia | Infrastructure | March 2022 | Active |