This investment was made when British International Investment was named CDC Group.
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 |
---|
|
How?
Primary | Secondary |
---|---|
Provision of late-stage development financing for 150-200MW of renewable power |
Growth capital for decentralised energy businesses serving C&I customers and households without access to low cost, reliable energy |
Who?
Stakeholder | Geography | Characteristics |
---|---|---|
Employees |
Sub-Saharan Africa |
|
Planet |
Global |
How much?
Scale | Depth/Duration |
---|---|
10,000 jobs and livelihood supported |
Risk
Execution RiskOur impact case focuses on investment in projects outside of South Africa, which are more susceptible to execution risks and based on our experience can take a considerable amount of time to reach financial close. The Manager’s execution capacity across sub-Saharan Africa will be key along with the Manager’s ability to deliver its strategy across two different asset classes. The Deal Team has gained comfort on this aspect based on Evolution’s strategy of partnering with established developers with whom they have long-term relationships. Alignment RiskThe key risk to impact is related to the tariff and affordability of the power. In some cases, the first round of tariffs can be similar to the total cost of existing diesel/HFO plants. In our view, this risk should be tolerated given the demonstration effect sought through this investment. |
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 to help develop and implement an ESMS that has the capacity to manage the higher level of environmental and social risk associated with this sector. This includes regular site visits to 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.
- D2883
- 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.
- Africa, East Africa, Southern Africa, West Africa
- 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 :
- June 2019
- Amount :
- $20m
- Currency of investment :
- USD
- Fund Manager:
- Inspired Evolution Investment Management
- Domicile
The company or investment fund’s place of incorporation.
- Mauritius
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.
- Last updated
Investments made by this fund into companies:
For further information about these companies, visit https://inspiredevolution.co.za/
Investment name | Country | Region | Sector | Start date | Status |
---|---|---|---|---|---|
Alten Africa | Africa | Africa | Infrastructure | March 2018 | Active |
Alten Hardap | Namibia | Southern Africa | Infrastructure | March 2018 | Active |
Alten Kesses | Kenya | East Africa | Infrastructure | December 2019 | Active |
Commercial Energy SA | South Africa | Southern Africa | Infrastructure | January 2019 | Active |
d.light | Kenya | East Africa | Infrastructure | December 2018 | Active |
Escotel Mauritius | Africa | Africa | Infrastructure | November 2020 | Active |
Generale Du Solaire | Senegal | West Africa | Infrastructure | March 2023 | Active |
Gigawatt Global Burundi SA | Burundi | East Africa | Infrastructure | June 2019 | Active |
ManoCap Energy | Ghana | West Africa | Infrastructure | December 2019 | Active |
Red Rocket (Building Energy Africa) | Africa | Africa | Infrastructure | March 2020 | Active |
Rensource Holdings Inc | Nigeria | West Africa | Infrastructure | December 2019 | Active |
Virtus Energy Solutions Limited | Nigeria | West Africa | Infrastructure | December 2019 | Active |