Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Kenya
  • Rwanda
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Green Climate Fund (GCF)
Status: Active
Bank Risk Rating: U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2015-11-01
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Acumen Capital Partners LLC
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ GCF website
Updated in EWS: 2017-08-23
KawiSafi Ventures Fund in East Africa
GCF-FP005

Project Description
Creating a new investment fund, KawiSafi, to drive off-grid solar power in East Africa. Investing in 10-15 clean energy companies, initially in Rwanda and Kenya, providing household solar technologies. Aiming to drive a low-carbon paradigm shift and leapfrog fossil fuel grids to clean energy, using equity capital from GCF to leverage investment, and grant capital to set up a Technical Assistance Facility. Rwanda has 70% of its population living off-grid, and even a planned massive investment from the government will leave over 3.5 million without power. Energy costs are high, both for on- and off-grid customers, because of a heavy reliance on imported oil and kerosene. In Kenya, 80% live off-grid with 35 million without access to affordable and reliable electricity. Lighting costs in particular are very high for rural off-grid Kenyans, who spend around 26% of their income on kerosene, which is expensive, dangerous, and harmful to health. Rapid population growth is increasing demand for electricity and placing further demands on grid supply. The Fund will consider expansion to Uganda over time, which has even lower electrification levels and heavy reliance on fuel wood for cooking. The KawiSafi portfolio will be the world's first climate change fund targeting low-income populations in developing countries. Investments of USD 2-10 million per company will be made in 10-15 clean energy small- and medium-sized enterprises. Lack of electricity and high kerosene use will be addressed through affordable clean household solar energy solutions such as solar lanterns, solar home systems, and solar mini-grids. KawiSafi will also invest in other parts of the ecosystem such as consumer finance, mobile payment, and metering/monitoring technologies. The Technical Assistance Facility will identify and address core needs of portfolio companies to support their scale and financial viability.
Investment Description
Contact Information
Acumen Fund, Inc. (Acumen) Mr. Sachindra Rudra Tel: +1 91 98675 65707 Mr. Alexander Healey Tel: +1 646 747 3855 Pan African Climate Justice Alliance (PACJA) Mithika Mwenda Indigenous Livelihoods Enhancement Partners (ILEPA) Stanley Kimaren Riamit Ogiek Peoples' Development Program (OPDP) Daniel M. Kobei ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND The Independent Redress Mechanism (IRM) is the independent complaint mechanism for a person or people who have been or believe they are likely to be adversely affected by a project or programme funded by the Green Climate Fund. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating a problem-solving dialogue or, if that is not possible, conducting an independent investigation into whether the GCF has complied with its environmental and social policies. The IRM is newly created and is still in the process of developing its procedures and website. More information about the IRM and how you can file a complaint is forthcoming. You can contact the IRM at irm@gcfund.org.
Bank Documents