Energy Access Ventures Fund

East Africa,Africa Infrastructure, Manufacturing, Food and agriculture

Energy Access Ventures is a Paris-based private equity and venture capital firm specialising in the technology and energy sectors, including hydro-electricity, biomass, solar, wind, and thermal power.

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.

Our investment

In 2017, CDC, 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
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Ghana, Kenya
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.

:
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 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
Amount

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.

:
$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.

View investment details

Africa, East Africa Infrastructure November 2015 Active
Zola Electric (formerly Off-Grid Electric) Africa, East Africa Infrastructure November 2015 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.

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Kenya Africa, East Africa Infrastructure September 2016 Active
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.

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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.

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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.

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Kenya Africa, East Africa Infrastructure April 2017 Active
Solarise Africa Kenya Africa, East Africa Infrastructure October 2018 Active
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 Kenya Africa, East Africa Communications and IT Services March 2019 Active