04 · Portfolio
Twenty-four investments powering Africa's household energy transition.
Spark+ Africa Fund has made twenty-four investments acrossmodern-cooking manufacturers, last-mile distributors, LPGinfrastructure, carbon projects and financial institutionsserving the sector.
$358m
Capital mobilized
5.4× multiplier on $65.8m deployed
67.6m
Lives reached
Across 21 African markets
36.8m
tCO₂e avoided
Verified portfolio impact
Spark+ investment geography
Countries associated with Spark+ investments. Portfolio companiesoperate across a wider 21-country footprint. 24 cumulativeinvestments · 22 active · 2 realized.
24 of 24 investments
APPLIANCE MANUFACTURING
BURN
Sub-Saharan Africa's leading producer and distributor of affordable, highly efficient biomass, LPG, and electric cookstoves for low-income families
- Instrument
- Quasi-equity
- Facility
- Growth capital facility
- Investment
- USD 6.0m
- Geography
- Operations across 15 African countries
- E&S risk classification B
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- Realized
MICROFINANCE INSTITUTION
Sumac Microfinance Bank
Fast-growing and profitable microfinance institution in Kenya that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment (realized)
- USD 2.0m
- Geography
- Kenya
- E&S risk classification FI-3
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LAST MILE DISTRIBUTION
Bidhaa Sasa
Last mile distributor offering clean cooking solutions and other life-improving technologies, on credit, to low-income consumers in rural Kenya and Uganda
- Instrument
- Senior debt
- Facility
- Tripartite distributor finance
- Investment
- USD 0.5m
- Geography
- Kenya and Uganda
- E&S risk classification B
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MICROFINANCE INSTITUTION
GUILGAL Microfinance
Microfinance institution in D.R.C. that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 2.2m
- Geography
- Democratic Republic of Congo
- E&S risk classification FI-3
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MICROFINANCE INSTITUTION
Yehu Microfinance
Microfinance institution in Kenya that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.97m
- Geography
- Kenya
- E&S risk classification FI-3
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CARBON PROJECT
Africa Carbon One (ACOL)
Zambia cookstove distribution project developed and operated by The African Stove Company (TASC)
- Instrument
- Project finance
- Facility
- Carbon pre-finance
- Investment
- USD 3.5m
- Geography
- Zambia
- E&S risk classification C
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MICROFINANCE INSTITUTION
LAPO Microfinance Sierra Leone
Microfinance institution in Sierra Leone that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.82m
- Geography
- Sierra Leone
- E&S risk classification FI-3
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LAST MILE DISTRIBUTION
Jibu
Franchise-based LPG distribution network
- Instrument
- Quasi-equity
- Facility
- Growth capital facility
- Investment
- USD 2.0m
- Geography
- Rwanda, Uganda
- E&S risk classification B
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MICROFINANCE INSTITUTION
FINCA Malawi
Microfinance institution in Malawi that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 1.0m
- Geography
- Malawi
- E&S risk classification FI-3
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COOKSTOVE DEPLOYMENT
Envirofit Carbon Holdings One
Ghana cookstove distribution project developed and operated by Envirofit International
- Instrument
- Project finance
- Facility
- Carbon pre-finance
- Investment
- USD 6.85m
- Geography
- Ghana
- E&S risk classification B
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- Realized
APPLIANCE DESIGN & DISTRIBUTION
ATEC International
PAYG-enabled electric induction cookers for African markets
- Instrument
- Quasi-equity
- Facility
- Growth capital facility
- Investment (realized)
- USD 1.5m
- Geography
- Rwanda, Zambia, DRC, Uganda, Malawi, and Kenya
- E&S risk classification B
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LAST MILE DISTRIBUTION
Altech
Leading energy access solution provider in DRC
- Instrument
- Senior debt
- Facility
- Growth capital facility
- Investment
- USD 3.0m
- Geography
- DRC
- E&S risk classification B
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DISTRIBUTION & CONSUMER FINANCE
Sun King
Leading global energy access solution provider
- Instrument
- Senior debt
- Facility
- Growth capital facility
- Investment
- USD 6.5m
- Geography
- Direct B2C operations in nine countries and B2B partnerships in 30 countries across Africa and Asia. Key markets: Nigeria, Kenya, and Tanzania
- E&S risk classification B
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MICROFINANCE INSTITUTION
UNACREP
Microfinance institution in Benin that offers consumer credit for clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.75m
- Geography
- Benin
- E&S risk classification FI-2
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LPG INFRASTRUCTURE
NewGas
LPG Cylinder Refilling in Ghana
- Instrument
- Senior debt
- Facility
- Cylinder-purchase working-capital facility
- Investment
- USD 7.5m
- Geography
- Ghana
- E&S risk classification B+
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LPG DISTRIBUTION
Henos Energy
LPG Cylinder Distribution in Ghana
- Instrument
- Senior debt
- Facility
- Growth capital facility
- Investment
- USD 1.23m
- Geography
- Ghana
- E&S risk classification B
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MICROFINANCE INSTITUTION
Baobab Côte d'Ivoire
Microfinance institution in Ivory Coast financing small businesses that sell clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 6.4m
- Geography
- Ivory Coast
- E&S risk classification FI-3
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MICROFINANCE INSTITUTION
VisionFund Ghana
Microfinance institution in Ghana financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 1.0m
- Geography
- Ghana
- E&S risk classification FI-3
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MICROFINANCE INSTITUTION
Umoja Microfinance
Microfinance institution in Uganda financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.8m
- Geography
- Uganda
- E&S risk classification FI-3
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MICROFINANCE INSTITUTION
ASA Uganda
Microfinance institution in Uganda financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 2.0m
- Geography
- Uganda
- E&S risk classification FI-2
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MICROFINANCE INSTITUTION
Baobab Burkina Faso
Microfinance institution in Burkina Faso financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 1.5m
- Geography
- Burkina Faso
- E&S risk classification FI-3
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MICROFINANCE INSTITUTION
AML Finance
Microfinance institution in Tanzania financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.75m
- Geography
- Tanzania
- E&S risk classification FI-3
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COOKSTOVE DEPLOYMENT
BioLite Carbon SPV 1
Multi-country cookstove distribution program developed and operated by Biolite
- Instrument
- Project finance
- Facility
- Carbon pre-finance
- Investment
- USD 5.0m
- Geography
- Rwanda, Uganda, Senegal, Zambia, Nigeria
- E&S risk classification B
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MICROFINANCE INSTITUTION
SIPEM
Microfinance institution in Madagascar financing the purchase of clean cooking solutions
- Instrument
- Senior debt
- Facility
- On-lending
- Investment
- USD 0.6m
- Geography
- Madagascar
- E&S risk classification FI-3
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