Envirofit International Inc - Global - USD 1.5 mln
Envirofit International is a global leader in the manufacturing and distribution of clean cookstoves. Envirofit is a social enterprise that uses a market-based approach to create access to affordable, efficient, clean cooking technologies for household and commercial uses. AEF will fund an additional investment of up to USD 1.5 mln in the form of a convertible loan to allow the Company to launch the roll-out of a newly developed and promising business line, called SmartGas™ in Kenya.
D.light - Kenya - USD 7.5 mln - Equity
d.light is one of the leading off-grid solar players with 31% market share in branded offgrid solar products. d.light is primarily active in India and Kenya, as well as in a wide range of other countries (partially through partnerships). The Company has sold 18.4 mln lanterns in the portable solar segment and it has a proven track record in the more recently implemented pay as you go (“PAYGO”) strategy through which they sold 300 k SHS systems in 2 years.
ZOLA Electric Tanzania Ltd - USD 5 mln - Commercial Loan (lcy)
OGE is an off-grid player in Africa, founded in 2012. The business model of OGE is based on providing access to energy on a 3-year rent-to-own basis. OGE recently introduced a 120W system with television. The transaction fits the strategy of AEF. OGE offers small and affordable systems and more easily therefore inclusive and easier attainable by BoP.
GOGLA – EUR 61 k - Capacity Developement
Global Off-Grid Lighting Association (GOGLA) is the independent, not-for-profit industry association for the off-grid energy sector. GOGLA will coordinate the development and implementation of a Code of Conduct (CoC) on Consumer Protection for off-grid energy companies. This CoC will be developed in collaboration with off-grid energy companies and investors. This project supports the development of more responsible practices in the off-grid energy sector. This is in line with FMO’s and AEF’s objectives to be a leading responsible investor in this sector. (AEF-CD contribution of EUR 61 k (26% of total project costs)).