In 2017, CDC, through the Impact Fund, closed a â‚¬5 million top-up commitment to EAVF, bringing the total fund size to â‚¬75 million. This follows an investment of â‚¬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 FranÃ§ais pour l'Environnement Mondial and the OPEC Fund for International Development.
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.Â
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.Â 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.Â
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.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, East Africa
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.
- Food and agriculture, Infrastructure, Manufacturing
- 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 CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- February 2015
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
Investments made by this fund
|Investment name||Country||Region||Sector||Start date||Status|
|Zola Electric (formerly Off-Grid Electric)||November 2015||Active|
PEG Africa Ltd
PEGAfrica is a finance and distribution company specialising in solar home systems on a lease to own model.
|Ghana||Africa, West Africa||Infrastructure||June 2016||Active|
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||Active|
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 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 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||October 2018||Active|
|Palgo (formerly Port It Global)||November 2018||Active|
|Zonful Solar Energy||November 2018||Active|
Mawingu NetworksÂ provides affordable wireless internet in specific hotspots in Africa, home & business internet aiming to reach the most remote areas.Â
|Pan- African||Africa||Communications and IT Services||March 2019||Active|
CandiÂ is a dedicated rooftopÂ solarÂ installer, financier and operator for SMEs across Asia and Africa.
|Rest of the World||Infrastructure||July 2019||Active|
|Nuru (formerly Kivu Green Energy)||Active|