British International Investment

DI Frontier Fund 2

DjiboutiKenyaMalawiMozambiqueRwandaSierra LeoneSomaliaTanzaniaUgandaZambiaZimbabweAfricaEast AfricaSouthern AfricaWest AfricaInfrastructure

Frontier Energy Fund II (Fund II) is an early-stage renewable energy fund focused on East Africa.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2017, CDC invested $30 million into Fund II. Our role as an early anchor investor in the fund catalysed other DFI capital, enabling Fund II to reach a total fund size of $116 million.

Our investment will support the development of power assets across the continent.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

This successfully invested in a range of renewable energy projects – solar, geothermal, wind and hydro power – that are now under development or in operation throughout Uganda, Kenya, Rwanda and Tanzania.

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 have worked closely with the fund manager to develop and implement an ESMS that has the capacity to manage the higher level of environmental and social risk associated with this sector.

Understanding our approach to environmental and social risk (PDF)

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

  • 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.
    :
    D163
    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

    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.
    Investment type :
    Fund
    Start date :
    March 2017
    Amount :
    $30m
    Currency of investment :
    USD
    Fund Manager:
    Frontier Investment Management Aps
    Domicile

    The company or investment fund’s place of incorporation.
    :
    Denmark

    Download as PDF

    Click here to read our data guidance

Investments made by this fund into companies:

For further information about these companies, visit http://frontier.dk/

Investment name Country Region Sector Start date Status
Bihongora Hydropower Ltd Rwanda East Africa Infrastructure June 2020 Active
Bukwo HPP Ltd Uganda East Africa Infrastructure June 2019 Active
BVC Geothermal Ltd Kenya East Africa Infrastructure December 2017 Active
Chania Green Generation Ltd Kenya East Africa Infrastructure March 2018 Active
Dariak Properties Limited Kenya East Africa Infrastructure December 2021 Active
DC Frontier Energy Ltd Rwanda East Africa Infrastructure March 2018 Active
Djibouti Solar Park 1 Ltd Djibouti East Africa Infrastructure October 2018 Exited
Eldosol Energy Ltd Kenya East Africa Infrastructure March 2018 Active
Elemental Energy Ltd. Uganda East Africa Infrastructure December 2017 Active
Enventure Africa S.A. Mozambique East Africa Infrastructure June 2019 Active
Esikipeto Power Generation Ltd Kenya East Africa Infrastructure December 2017 Active
Frontier Energy Hydropower Ltd Zambia Southern Africa Infrastructure January 2019 Active
Great Zimbabwe Hydro Power Zimbabwe Southern Africa Infrastructure September 2021 Active
Greenewus Energy Africa Ltd Uganda East Africa Infrastructure December 2017 Active
Kiwira Energy Ltd Tanzania East Africa Infrastructure December 2017 Active
Lungi Power Development PLC Sierra Leone West Africa Infrastructure March 2022 Active
Momba Hydropower Ltd Tanzania East Africa Infrastructure December 2017 Active
Momnai Energy Limited Kenya East Africa Infrastructure November 2021 Active
Monkey Bay Solar Plant Limited Malawi Southern Africa Infrastructure March 2022 Active
Mukoki HPP Ltd Uganda East Africa Infrastructure January 2019 Active
Mzimba Wind Farm Limited Malawi Southern Africa Infrastructure March 2021 Active
Ndugutu Hydro Power Company Ltd. Uganda East Africa Infrastructure December 2017 Active
Nithi Hydro Power Kenya East Africa Infrastructure December 2017 Active
Olsuswa Energy Ltd Kenya East Africa Infrastructure July 2018 Active
Planet Solar Energy (SL) Limited Sierra Leone West Africa Infrastructure December 2021 Active
Quantel Renewable Energy Limited (Bwengu) Malawi Southern Africa Infrastructure December 2021 Active
Radiant Energy Ltd Kenya East Africa Infrastructure December 2017 Active
Range Wind Park Limited Kenya East Africa Infrastructure October 2019 Active
Rukarara VI HPP Ltd Rwanda East Africa Infrastructure October 2018 Exited
Rwenzori Hydro (PVT) Ltd Uganda East Africa Infrastructure September 2017 Active
Somalia Frontier Energy Company Somalia East Africa Infrastructure March 2022 Active
Wind for Prosperity Kenya Kenya East Africa Infrastructure July 2018 Active
Ziba Ltd Uganda East Africa Infrastructure October 2018 Active

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