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EAVF, a EUR 55 million venture capital fund in Nairobi, Kenya, invests in high-growth small and medium-sized companies that provide affordable and innovative energy solutions to underserved people in Africa, especially in rural areas. That’s the same aim for other projects EAVF has supported, like d.light, Off Grid Electric, PEGAfrica, InspiraFarms and PayGo Energy.
“Our fund focuses on a variety of business models and technologies fostering access to electricity and/or its benefits for low-income populations,” says Emmanuel Beau, EAVF’s investment manager. “We consider different energy sources (renewable and hybrid) and provide not only equity finance but also mentoring to many start-ups.”
Solar energy on 1 dollar a day
In 2016, companies that received funding from EAVF supplied around 343,000 households and 1,000 micro, small or medium-sized businesses around Sub-Saharan Africa with off-grid electricity products. Some entry-level products are affordable even for people earning as little as USD 1.90 a day.
“I am very proud to support great entrepreneurs, change daily living conditions and work to improve the energy sector in Africa,” says Beau. “The fund impacts people in so many different ways: a feeling of security at night, of belonging to a modernizing society, or improving productivity and income generating opportunities. Where kerosene lighting is replaced, the solar home system also reduces risk of fires and health damage from indoor pollution and cuts greenhouse gas emissions.”
Affordable solar energy technology