Professional investors only
Spark+ Africa

Impact

Impact

Spark+ finances businesses and projects expanding access to modern cooking and tracks how its capital contributes to enterprise growth, energy access and climate outcomes.

Our impact approach

Capital contribution

Spark+ provides capital and transaction structuring to businesses and projects expanding access to modern cooking across Africa. Portfolio companies deliver the underlying products, services and infrastructure, while Spark+ supports their ability to grow and reach more customers.

Investment-specific pathways

Impact pathways vary by business model. Each investment is therefore assessed against the outcomes most relevant to the financed activity, including energy access, enterprise development, climate and resource efficiency.

Measurement and reporting

We track Spark+ financing activity alongside results reported by portfolio companies. Most aggregate outcome figures reflect portfolio companies' wider operations and are not apportioned to Spark+ based on its share of financing. Where results relate to a defined financed activity or a specific attribution methodology is applied, we identify this separately.

Impact pathway

Illustrative pathway

  1. Spark+ inputs

    • · Senior debt
    • · Quasi-equity
    • · Project and carbon finance
    • · Technical Assistance

  2. Portfolio activities

    • · Manufacture and distribute modern-cooking technologies and fuels
    • · Develop storage, distribution and last-mile infrastructure
    • · Extend consumer and enterprise finance
    • · Deploy and monitor modern-cooking projects

  3. Outputs

    • · Cooking appliances, fuels and systems distributed
    • · Consumer and enterprise finance provided
    • · Infrastructure and productive assets financed
    • · Households, institutions and businesses served

  4. Near-term outcomes

    • · Improved availability, affordability and adoption
    • · Expanded access to modern cooking
    • · Stronger businesses and distribution networks
    • · Reduced fuel use and emissions where measured

  5. Longer-term impact

    • · Improved household welfare and time use
    • · Health and gender benefits where evidenced
    • · Greater economic participation and stronger enterprises
    • · More resilient household energy systems and modern-cooking markets

This is an illustrative pathway. Outcomes vary by investment and are not attributable solely to Spark+ unless explicitly stated.

Impact themes

Spark+ assesses impact through five themes reflecting the differentbusinesses, technologies and financing structures in the portfolio.Indicators are selected at investment level based on the relevantimpact pathway and available evidence.

Access and affordability

Expanding the availability of modern cooking products, fuels and finance for households, institutions and enterprises.

Customer and institutional outcomes

Changes in welfare, time use, service quality and sustained use associated with modern cooking solutions.

Climate and resource efficiency

Fuel-use and emissions outcomes associated with eligible modern cooking activities where appropriate methodologies and monitoring are available.

Enterprise growth and financial access

Supporting stronger businesses, access to finance and inclusive participation across the modern-cooking value chain.

Market development and capital mobilization

Strengthening investable businesses, financing channels and transaction structures that can attract additional capital to the sector.

How results are measured and reported

Spark+ reports its own financing activity alongside outcomes reported by portfolio companies. These measures have different scopes and should be interpreted accordingly.

Common core, tailored indicators

Spark+ applies a common portfolio-wide measurement framework, including indicators on reach, access, enterprise development and climate where relevant. Additional indicators are used to reflect differences in business models, technologies and financed activities.

Portfolio-company reporting

Many aggregate indicators are reported by portfolio companies and may reflect their wider operations, rather than only the activities financed by Spark+.

Contribution and attribution

Spark+ contributes capital, structuring and portfolio support. Outcomes are attributed solely to Spark+ only where they can be clearly linked to a defined financed activity.

Verification and methodology

Reporting periods, definitions and verification approaches vary by indicator. Carbon and emissions figures may be estimated, monitored, independently verified or issued, and are described accordingly.

Sources and methodology

Cumulative figures may include investments that have exited or fully repaid. Carbon and emissions figures may be estimated, modeled, monitored, independently verified or issued; these terms are not interchangeable, and verification or issuance status is disclosed at investment level where available.

Impact across portfolio models

Spark+ applies a common portfolio-wide measurement framework, complemented by indicators tailored to each company’s business model, financed activity and impact pathway.

Manufacturing and distribution

Manufacturing and distribution businesses expand the availability and reach of modern-cooking products and systems.

Example from the portfolio

BURN — BURN manufactures and distributes modern biomass and electric cooking solutions across African markets.

Fuel and infrastructure

Fuel, storage, bottling and distribution infrastructure can improve the availability, reliability and resilience of modern-cooking energy.

Example from the portfolio

NewGas — NewGas is developing LPG bottling and distribution infrastructure in Ghana under the Cylinder Recirculation Model.

Financial intermediation and consumer finance

Financial institutions and consumer-finance providers can help households and enterprises manage the upfront cost of modern-cooking products and services.

Example from the portfolio

Baobab Côte d'Ivoire — Baobab Côte d’Ivoire uses established lending channels to support access to modern-cooking products.

Project and carbon finance

Project and carbon finance can support the deployment, monitoring and continued operation of eligible modern-cooking activities.

Example from the portfolio

Envirofit Carbon Holdings One — Envirofit has developed and operates an Article 6.2 cookstove program in Ghana linking project deployment with a carbon-revenue pathway.

Technical Assistance and portfolio development

Stichting Modern Cooking manages the Spark+ Technical Assistance Facility, which provides targeted non-financial support to eligible portfolio companies.

Technical Assistance is approved separately from investment decisions and is tailored to the needs, eligibility and development priorities of each participating company.

Areas of support

  • Impact measurement and management
  • Governance and environmental and social systems
  • Financial management and reporting
  • Operational capacity and digital systems
  • Sales effectiveness and customer adoption

Investment approval does not guarantee Technical Assistance support, and Technical Assistance does not determine investment approval.

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