This investment was made when British International Investment was named CDC Group.
Our investment
In 2017, British International Investment, through the Impact Fund, closed a €5 million top-up commitment to EAVF, bringing the total fund size to €75 million. This follows an investment of €16.5 million in 2015. 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
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 aspects
We work closely with the fund manager on this first-time fund to develop and implement Environmental and Social Management Systems (ESMSs) in investee companies.
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, East Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Communications and IT Services, Financial services, Food and agriculture, Infrastructure, Manufacturing
- Website:
- http://www.eavafrica.com/
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Aster Capital Partners
- Start date
:
For direct investments, this is the date British International Investment committed capital to the business or project.
For funds, this is the date that British International Investment committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- February 2015
- Amount
:
For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that British International Investment has committed to the fund.
- $26.42m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- France
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
|
Zola Electric (formerly Off-Grid Electric)
Off-Grid Electric designs, manufactures, deploys, finances and serves solar home systems on a fee-for-service business model in Tanzania and Rwanda. The company operates as a vertically integrated distributed utility, leasing solar home systems (SHS) to rural and peri-urban households. OGE customers pre-pay their energy via mobile money. |
Africa, East Africa | Infrastructure | November 2015 | Active | |
|
PEG Africa Ltd
PEG Africa is a leading distributor of solar home systems in West Africa on a Pay-as-you-Go basis. PEG reaches some of the poorest and most vulnerable customers in the region, where more than 150 million people live with no access to electricity and spend up to 30 per cent of their incomes on poor quality, polluting and sometimes dangerous fuels like kerosene, candles and batteries. |
Ghana | Africa, West Africa | Financial services | June 2016 | Active |
|
d.light
d.light is a global leader in delivering affordable solar-powered solutions. It provides distributed solar energy solutions for households and small businesses. |
Kenya | Africa, East Africa | Infrastructure | September 2016 | Exited |
|
InspiraFarms
InspiraFarms produces and sells off-grid modular, pre-certified renewable-powered processing and cold chain solutions for value addition and loss reduction in small scale agribusiness, enhancing the sustainability of domestic and global supply chains. The company is focused on developing markets in Kenya, Rwanda and Tanzania, as well as in Central America. |
Kenya | Africa, East Africa | Manufacturing | February 2017 | Active |
|
SunCulture
SunCulture is a solar irrigation company, serving smallholder farmers growing high value fruit and vegetables in Kenya with products for spray/mist irrigation, drip irrigation and solar pumping. |
Kenya | Africa, East Africa | Food and agriculture | April 2017 | Active |
|
PayGo Energy
PayGo Energy is a distribution service that harnesses the power of pay-as-you-go-technology to bring modern LPG fuel and cooking equipment to homes. PayGo Energy installs smart metering systems on gas cylinders that enable customers to pre-pay for cooking gas. The smart meters monitor customer gas consumption and predict when gas is going to run out which allows for proactive replenishment of gas. |
Kenya | Africa, East Africa | Infrastructure | April 2017 | Active |
| Solarise Africa | Kenya | Africa, East Africa | Infrastructure | October 2018 | Active |
| Palgo (formerly Port It Global) | Kenya | Africa, East Africa | Financial services | November 2018 | Active |
| Zonful Solar Energy | Zimbabwe | Africa, East Africa | Infrastructure | November 2018 | Active |
|
Mawingu Networks
Mawingu Networks provides affordable wireless internet in specific hotspots in Africa, including home and business internet aiming to reach the most remote areas. |
Kenya | Africa, East Africa | Communications and IT Services | March 2019 | Active |
|
Nuru (formerly Kivu Green Energy)
Nuru is dedicated to enhancing power in the Democratic Republic of Congo. Nuru set up the Congo's first solar-based mini-grid in 2017 and is currently constructing a 1.3MW solar hybrid site in Goma, the largest off-grid mini-grid in sub-Saharan Africa. |
Democratic Republic of Congo | Africa, Central Africa | Infrastructure | March 2019 | Active |
|
Candi Solar
Candi is a dedicated rooftop solar installer, financier and operator for SMEs across Asia and Africa. |
Rest of the World | Infrastructure | July 2019 | Active | |
|
ManoCap Energy
Manocap finances and manages commercial and industrial-scale energy systems for clients in Africa. |
Ghana | Africa, West Africa | Infrastructure | December 2019 | Active |
|
SolarX
SolarX is Mali-based solar company. It provides a one-stop shop solution for clean energy services, providing reliable and affordable energy which allows end-users to operate more efficiently in challenging environments. It is aiming to expand in Mali as well as in Burkina Faso and Ivory Coast. |
Mali | Africa, West Africa | Infrastructure | June 2020 | Active |
|
ZIZ Energie
Ziz Energie is a solar energy company based in Chad. It supplies solar power to businesses |
Chad | Africa, Central Africa | Infrastructure | June 2020 | Active |
