Resources · Spark+ framework
Theory of Change
Spark+ combines specialist finance, transaction structuring and portfolio support to help modern-cooking businesses and projects grow, reach more customers and strengthen household energy systems across Africa.
This pathway is illustrative. Portfolio-company activities and outcomes are influenced by many actors and external conditions and are not attributable solely to Spark+ unless explicitly stated.
Initial market conditions
The market conditions and financing constraints that Spark+ was designed to address.
- Nearly one billion people in sub-Saharan Africa still lack access to clean cooking.
- Investment in cooking equipment and infrastructure remains well below the level estimated to be required to close the access gap.
- Modern-cooking businesses and projects often face limited access to working capital, growth finance, infrastructure capital and appropriately structured long-term funding.
- Households, institutions and enterprises may lack the financing, infrastructure and reliable supply needed to adopt modern-cooking products, fuels and services.
Market-access and investment figures are drawn from IEA, Clean Cooking in Africa 2026. See The Modern-Cooking Opportunity for definitions and methodology. The Modern-Cooking Opportunity
Spark+ inputs
The capital, expertise and complementary support Spark+ brings to the sector.
- Senior debt, structured debt, mezzanine, quasi-equity and project finance.
- Specialist underwriting and transaction structuring.
- Portfolio management, impact integration and environmental and social assessment.
- Technical Assistance managed by Stichting Modern Cooking.
- Institutional, catalytic and co-financing partnerships where relevant.
The pathway
Spark+ inputs support portfolio-company activities that generate outputs and, over time, may contribute to near-term outcomes and longer-term impact.
Stage 01
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.
Stage 02
Outputs
- Cooking appliances, fuels and systems distributed.
- Consumer and enterprise finance provided.
- Infrastructure and productive assets financed.
- Households, institutions and businesses served.
Stage 03
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.
Stage 04
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.
Key assumptions and dependencies
The pathway depends on factors that extend beyond Spark+ and its portfolio companies.
Market adoption
Households, institutions and enterprises are willing and able to adopt suitable modern-cooking solutions.
Business execution
Portfolio companies can maintain product quality, distribution, customer service and financial discipline as they grow.
Policy and infrastructure
Policy implementation, fuel and electricity supply, infrastructure and safety systems support reliable market development.
Appropriate finance
Capital is available in forms, currencies and tenors suited to different business models and market conditions.
Evidence and carbon integrity
Impact and carbon outcomes depend on appropriate methodologies, monitoring, verification and continued use where relevant.
How Spark+ contributes
Spark+ contributes investment capital, transaction structuring, portfolio management and access to separately managed Technical Assistance. Portfolio companies and project partners carry out the underlying commercial and operational activities.
Results may also depend on customers, governments, financing partners, market infrastructure and wider economic conditions. Outcomes are attributed solely to Spark+ only where they can be clearly linked to a defined financed activity.