Chief Program Officer
SPARK+ Africa is a pioneering impact investment fund initiated by Enabling Qapital and CCA to channel debt and equity financing to enterprises that manufacture, distribute, and finance clean cooking solutions across Sub-Saharan Africa.
As an ecosystem fund, its pipeline targets not only clean cooking companies, but also enterprises from other sectors that are relevant to the production, financing, and delivery of clean cooking solutions, including off-grid solar companies and microfinance institutions.
Spark+ Africa aims to directly address a critical financing gap in clean cooking companies in Africa, and encourage the participation of other interested financiers. In 2020, the Fund received investments totalling $16 million from the African Development Bank (AfDB) and the European Commission. Through these investments, Spark+ Africa aims to deliver clean cooking solutions to over two million households while reducing carbon emissions by 15.9 Mt of CO2 equivalent by cutting emissions from the use of inefficient stoves and open fires and forest degradation for wood fuel.
In November 2020, Spark+ Africa received an investment of $5 million from the AFDB’s Sustainable Energy Fund for Africa, which is anchored by the Governments of Denmark, the United States, the United Kingdom, Italy, Norway, Sweden and Spain.
The European Commission will contribute an additional €10 million. As an anchor investor, the AfDB will channel first-loss equity from SEFA and the European Commission’s thematic blending facility. The Fund targets a capitalization of $50-70 million.
Spark+ Africa is managed by Enabling Qapital, an impact investment advisory company with a track record in advancing financial inclusion and access to energy.
“By investing in the rollout of clean cooking solutions to millions of households, the African Development Bank is also contributing to women’s empowerment, employment creation, and reduced deforestation associated with charcoal production.”Dr. Kevin KariukiAfrican Development Bank Vice President for Power, Energy, Climate, and Green Growth