BioLite Carbon SPV 1.

BioLite Carbon SPV 1 is a Mauritius-domiciled special-purpose vehicle established by BioLite to finance and manage a multi-country improved-cookstove carbon project. BioLite is a US-founded clean energy company that designs and distributes cooking, lighting and charging products for off-grid households, while also developing carbon projects that help make its products more affordable in emerging markets.

BioLite distributes its improved biomass cookstoves through established last-mile partners, including organizations such as One Acre Fund, d.light, Baobab+ and other local distributors. The project initially targets markets including Rwanda, Uganda, Nigeria, Zambia and Senegal, with the structure capable of supporting deployment in additional approved African markets. The use of experienced local distribution partners allows the project to reach households at scale without BioLite having to establish a fully owned retail network in each country.

Spark+ financing will fund the purchase, shipping and distribution of approximately 120,000 improved biomass cookstoves, together with limited project-establishment and financing costs. Once a stove is sold and the end user is verified, the associated carbon rights are transferred to the SPV. BioLite is responsible for monitoring stove use, verifying emission reductions, arranging carbon-credit issuance and monetizing the credits.

The facility is structured as senior secured project finance alongside financing previously provided by the Africa Go Green Fund. Debt service is generated from the sale of carbon credits associated with the financed stoves, creating a ring-fenced structure that connects the financing directly to verified stove deployment and carbon revenues. The transaction enables BioLite to reduce stove prices, expand distribution and accelerate the transition from traditional cooking methods to more efficient biomass solutions.