Our investment
Description of the investment.
Description of the investment.
Our investment will support BasiGo in scaling up its Rwandan ebus operations. This will support local operators in accessing ebuses on BasiGo's innovative leasing model.
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 |
|---|
|
|
|
How?
| Primary | Secondary |
|---|---|
|
Catalysing markets: The successful growth of BasiGo in Rwanda will demonstrate the commercial viability of the PAYD business model and increase e-mobility uptake. In the long run, this is likely to attract more players and accelerate the adoption of electric vehicles for public transportation in East Africa. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet |
n/a |
13% of Rwanda’s total GHG emissions is from diesel and gasoline use in road transportation; developing efficient and resilient transport systems is one of the 14 programmes under Rwanda’s Green Growth and Climate Resilience Strategy underpinning the NDC and Vision 2050. |
| Customers – bus operators/entrepreneurs |
Rwanda |
Local Rwandan operators in Kigali who lease BasiGo e-buses on a PAYD model and pay a per km fee covering the lease of the bus, daily charging, and regular maintenance/servicing. Charging infrastructure installed at operators’ depots as opposed to BasiGo charging stations. Bus prices are regulated and set by the Government. |
How much?
| Scale | Depth/Duration |
|---|---|
|
This investment is expected to enable up to 70 tCO2e of avoided operational emissions annually from EVs once all 100 buses are in use vs diesel equivalents. Expected increase in BasiGo buses to 100 buses by 2026 . |
BasiGo Rwanda will be avoiding 358 tCO2e of emissions per year from using EVs to drive by 2028, which equates to 51% less emissions compared to driving with diesel equivalents. |
Contribution/additionality
| Contribution/additionality |
|---|
|
Capital is not offered at all. There is a lack of debt/working capital financing available for early-stage e-mobility companies in East Africa. |
Risk
Execution RiskRisk that BasiGo Rwanda is not able to scale as intended due to challenges raising additional capital, the nascency of the sector and smaller market size. Unexpected Impact RiskRisk of increased occupational health and safety risks e.g., battery fires. |
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 worked closely with Basigo to expand and enhance existing ESMS (including supply chain, road safety and GBVH) developed for Kenya operations, to encompass EV bus transport operations in Rwanda.
Environmental and social risk
Medium-Low
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.
- December 2024
- Project number
:
An identifier number shared by investments in the same project.
- D6936
- 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.
- East Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Rwanda
- 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.
- Manufacturing
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Independent Power and Renewable Electricity Producers
- Investment type :
- Debt
- Start date :
- September 2024
- Amount :
- $7.5m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- Rwanda
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.
- Fully qualified
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
-
- Mitigation
- Last updated
