British International Investment

Energy Access Ventures Fund

ChadDemocratic Republic of CongoEast AfricaGhanaGlobalKenyaMaliSenegalZimbabweAfricaCommunications & IT servicesConsumer - other servicesFinancial servicesInfrastructureManufacturing

Energy Access Ventures Fund (EAVF) specialises in early and growth capital for businesses active in the energy value chain that focus on underserved households and businesses.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

Following CDC's original investment in 2015, we closed a €5 million top-up commitment to EAVF in 2017, bringing the total fund size to €75 million.

Schneider Electric Industries sponsors the fund, providing investment as well as technical support, alongside investments from French DFI Proparco, Dutch DFI FMO, Fonds Français pour l’Environnement Mondial and the OPEC Fund for International Development.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

More than 600 million sub-Saharan Africans lack access to electricity and 50 per cent of businesses view the lack of reliable access to electricity as a major constraint to their growth. EAVF seeks to invest in companies that tackle this challenge. 

Our investment will enable the fund manager to target growing energy infrastructure businesses which tap into new technology or innovative business models to address the problem of electricity shortages across the continent.  It will do this by providing electricity and energy-efficient solutions for underserved households and businesses. The fund focuses specifically on off-grid rural electrification. 

EAVF investments include Off-Grid Electric (OGE), a pioneering off-grid electric company providing clean, affordable solar power to homes in East Africa. The investment enabled OGE to increase its work in Tanzania, as well as enter the Rwandan market to make solar technology accessible to households without electricity.

Environmental and social information

  • 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.

  • 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

We work closely with the fund manager on this first-time fund to develop and implement ESMSs in investee companies.

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]

  • 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.


    The current status of the investment (green flag for active and red flag for exited).


    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.


    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.

    Communications & IT services, Consumer - other services, Financial services, Infrastructure, Manufacturing

    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.

    Investment type :
    Start date :
    December 2017
    Amount :
    Currency of investment :
    Fund Manager:
    Aster Capital Partners

    The company or investment fund’s place of incorporation.


Related investments made by BII into this fund:

Investment name Commitment Region Sector Start date Status
Investment 01 $18.63m Africa Communications & IT services, Consumer - other services, Financial services, Infrastructure, Manufacturing February 2015 Active

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Bboxx Africa Ltd. Cote d'Ivoire, Ghana, Senegal, West Africa Africa, West Africa Financial services June 2016 Active
Candi Solar Global Rest of the World Infrastructure July 2019 Active
d.light Kenya East Africa Infrastructure September 2016 Exited
InspiraFarms Kenya East Africa Manufacturing February 2017 Active
ManoCap Energy Ghana West Africa Infrastructure December 2019 Active
Mawingu Networks Kenya East Africa Communications & IT services March 2019 Active
Nuru Democratic Republic of Congo Central Africa Infrastructure March 2019 Active
Palgo Kenya East Africa Financial services November 2018 Active
PayGo Energy Kenya East Africa Consumer - other services April 2017 Active
Solarise Africa Kenya East Africa Financial services October 2018 Active
SolarX Mali West Africa Infrastructure June 2020 Active
Sunculture Kenya Ltd Kenya East Africa Infrastructure April 2017 Active
ZIZ Energie Chad Central Africa Infrastructure June 2020 Active
Zola Electric East Africa Africa Financial services November 2015 Active
Zonful Solar Energy Zimbabwe Southern Africa Financial services November 2018 Active

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