AFRICA – Bamboo Capital Partners (Bamboo), an impact investing platform, has announced that ElectriFI, the impact investment facility funded by the European Union, has invested US$8 million in BEAM, a pioneering investment platform set to revolutionise energy access for millions in sub-Saharan Africa and Asia.
BEAM’s vision is to facilitate the growth and scale off-grid energy service companies, including solar home systems, large solar, and metering applications such as pumps and mini-grids.
BEAM launched in 2018 with a first equity investment in BBOXX and its data-driven DESCOs, providing off-grid energy to consumers in Africa and Asia, to scale and generate greater impact in their respective markets.
In addition to the equity capital, the investment platform will catalyse further capital through debt, joint ventures and co-investments.
Florian Kemmerich, Managing Partner of Bamboo Capital Partners, commented: “ElectriFI’s investment in BEAM is another step in the right direction to help the platform transform the lives of some of the poorest communities across the developing world by providing them with access to a reliable source of energy.
“By attracting and encouraging further capital via joint ventures, debt and co-investments, we have the ambition and a bold vision to provide millions more with access to energy to improve their everyday lives.
“Through BEAM, we hope to grow and unlock this multi-billion-dollar market, while contributing to at least 5 of the 17 UN SDGs.”
Dominiek Deconinck, EDFI ElectriFI Manager concluded: “By establishing this close cooperation with BEAM, we aim to mature the off-grid energy segment and help new ventures succeed in difficult markets.
“Allowing access to new Solar Home System distributors in those markets will enable the electrification of 270,000 rural households and reduce CO2 emissions by some 30 000 tons annually”.