KawiSafi Ventures Fund in East Africa (GCF-FP005)

Countries
  • Kenya
  • Rwanda
Where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 1, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Acumen Capital Partners LLC
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 110.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ GCF website

Updated in EWS Jul 29, 2020


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Project Description

Creating a new investment fund, KawiSafi, to drive off-grid solar power in East Africa. Investing in 10-15 clean energy companies, initially in Rwanda and Kenya, providing household solar technologies. Aiming to drive a low-carbon paradigm shift and leapfrog fossil fuel grids to clean energy, using equity capital from GCF to leverage investment, and grant capital to set up a Technical Assistance Facility.
Rwanda has 70% of its population living off-grid, and even a planned massive investment from the government will leave over 3.5 million without power. Energy costs are high, both for on- and off-grid customers, because of a heavy reliance on imported oil and kerosene. In Kenya, 80% live off-grid with 35 million without access to affordable and reliable electricity. Lighting costs in particular are very high for rural off-grid Kenyans, who spend around 26% of their income on kerosene, which is expensive, dangerous, and harmful to health. Rapid population growth is increasing demand for electricity and placing further demands on grid supply. The Fund will consider expansion to Uganda over time, which has even lower electrification levels and heavy reliance on fuel wood for cooking.
The KawiSafi portfolio will be the world's first climate change fund targeting low-income populations in developing countries. Investments of USD 2-10 million per company will be made in 10-15 clean energy small- and medium-sized enterprises. Lack of electricity and high kerosene use will be addressed through affordable clean household solar energy solutions such as solar lanterns, solar home systems, and solar mini-grids. KawiSafi will also invest in other parts of the ecosystem such as consumer finance, mobile payment, and metering/monitoring technologies. The Technical Assistance Facility will identify and address core needs of portfolio companies to support their scale and financial viability.

Investment Description
  • Green Climate Fund (GCF)
Contact Information

Acumen Fund, Inc. (Acumen)
Mr. Sachindra Rudra
Tel: +1 91 98675 65707

Mr. Alexander Healey
Tel: +1 646 747 3855

Pan African Climate Justice Alliance (PACJA)
Mithika Mwenda

Indigenous Livelihoods Enhancement Partners (ILEPA)
Stanley Kimaren Riamit

Ogiek Peoples' Development Program (OPDP)
Daniel M. Kobei

 

ACCESS TO INFORMATION

Requests for project information may be submitted using the IDP Request for Information by email to: disclosure@gcfund.org.

You can also submit an information request using this online form: https://www.greenclimate.fund/about/disclosure/form.  Additionally, if information requested is denied, an appeal can be filed to the Information Appeals Panel: iap@gcfund.org.  You can learn more about the Information Appeals Panel at: https://www.greenclimate.fund/about/disclosure/appeals.

 

ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND 

The Independent Redress Mechanism (IRM) addresses complaints by people who believe they are negatively affected or may be affected by projects or programmes funded by the Green Climate Fund (GCF). The complainant can raise issues related to any of GCF’s policies and procedures, including those relating to social and environmental issues, indigenous peoples, gender, and information disclosure, among others. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating problem solving or conducting a compliance process. You can learn more about the Independent Redress Mechanism and how to file a complaint at https://irm.greenclimate.fund/.

You can access a video about the IRM (English) at: https://youtu.be/1LanbriVhfs.

A brochure about the IRM can be accessed in English, French, Spanish, Portuguese, Arabic, Mandarin, Mongolian, Vietnamese, Russian, Ukrainian, Korean, German, and Kiswahili at: https://irm.greenclimate.fund/.