Our investment
Description of the investment.
Description of the investment.
We invested in Africa Go Green to increase access to clean energy services, energy efficiency, and adoption of sustainable transport solutions while creating jobs and helping to grow businesses across the African continent.
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 |
|---|
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How?
| Primary | Secondary |
|---|---|
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Catalysing markets: If successful, Africa Go Green’s investments have the potential to catalyse further private investment into the target sectors. They will do this by directly raising additional debt into the fund or indirectly by demonstrating the viability of lending into earlier-stage climate businesses. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet, consumers (clean cooking) |
Global |
Consumers (clean cooking): Based on African sector benchmarks, 60 per cent of 'PAYGo' clean cooking customers are female and 26 per cent live below $3.20 per day (2011 PPP). |
| Employees |
Pan-Africa |
Expected to be primarily medium- to high-skilled employees for most segments except for clean cooking and 'PAYGo' electric vehicle asset finance distribution. |
How much?
| Scale | Depth/Duration |
|---|---|
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Contribution/additionality
| Contribution/additionality |
|---|
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Financial additionality: Our commitment is required for Africa Go Green to reach its target final close size in order to increase the fund’s impact potential. Although our contribution to the fund’s overall impact will be proportionally small (around 12 per cent of expected total fund size) we view this as sufficient given the need for DFI/donor capital due to the lack of financing available for the fund’s target climate sectors. |
Risk
Alignment RiskRisk that the fund over deploys to relatively more mature renewable energy projects at the expense of more nascent target sectors. Execution RiskRisk that the fund is unable to successfully originate sufficient high-quality opportunities to fully deploy effectively. |
Environmental and social information
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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.
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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 agreed an ESAP with the fund manager which required broad improvements to the ESMS, particularly updating its Exclusion List to mirror BII’s Fossil Fuel Policy, integrating supply chain risk management in the ESDD and monitoring phases of their investments, and enhancing its internal grievance mechanisms.
Environmental and social risk
Medium-High
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 reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
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Key facts
- First published
:
When the investment was first published on the website database.
- December 2024
- Last updated
:
When the last quarterly update of the website database occurred.
- December 2024
- Project number
:
An identifier number shared by investments in the same project.
- D5837
- 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
- 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.
- Construction and real estate, Financial services, Infrastructure, Manufacturing
- Investment type :
- Fund
- Start date :
- August 2024
- Amount :
- $16m
- Currency of investment :
- USD
- Fund manager:
- Cygnum Capital Asset Management Limited
- Domicile
:
The company or investment fund’s place of incorporation.
- Luxembourg
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.
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Partially qualified
- Energy type
:
‘Renewable’ includes energy sources with very low lifecycle emissions such as solar, wind and tidal or those meeting a certain criteria such as hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Renewable
- First published
Investments made by this fund into companies:
For further information about these companies, visit https://www.agg-fund.com/
| Investment name | Country | Region | Sector | Energy Type | Start date | Status |
|---|---|---|---|---|---|---|
| AktivCo Burkina Faso | Burkina Faso | West Africa | Manufacturing | September 2024 | Active | |
| AktivCo Cameroon | Cameroon | Central Africa | Manufacturing | September 2024 | Active | |
| AktivCo Chad | Chad | Central Africa | Manufacturing | September 2024 | Active | |
| AktivCo Cote d’Ivoire | Cote d'Ivoire | West Africa | Manufacturing | September 2024 | Active | |
| AktivCo Niger | Niger | West Africa | Manufacturing | September 2024 | Active | |
| AktivCo Senegal | Senegal | West Africa | Manufacturing | September 2024 | Active | |
| Ampersand | Rwanda | East Africa | Manufacturing | September 2024 | Active | |
| Bboxx Africa Ltd. | Cote d'Ivoire, Ghana, Senegal, West Africa | Africa, West Africa | Infrastructure | Renewable | September 2024 | Active |
| BioLite Carbon SPV | Mauritius | East Africa | Infrastructure | September 2024 | Active | |
| Burn Manufacturing Co. Ltd | Mauritius | East Africa | Manufacturing | September 2024 | Active | |
| Kasada – Cosmos | Cote d'Ivoire | West Africa | Construction and real estate | September 2024 | Active | |
| M-Kopa Ltd. | Kenya | East Africa | Financial services | September 2024 | Active | |
| M-Kopa Uganda Limited | Uganda | East Africa | Financial services | September 2024 | Active | |
| Solarise Africa | Kenya | East Africa | Financial services | Renewable | September 2024 | Active |
