EDFI ElectriFI invests USD 8 million in BEAM to scale energy access in emerging and frontier markets
- EDFI ElectriFI (ElectriFI) – the Electrification Financing Initiative – is an impact investment facility initiated by European Development Finance Institutions and
funded by the European Union to increase access to clean energy in developing countries.
- BEAM is a pioneering investment platform set to revolutionise energy access for millions in emerging markets
- The investment platform deploys much needed early stage equity capital for off-grid energy service companies
Bamboo Capital Partners (Bamboo), an impact investing platform, is pleased to announce that ElectriFI, the impact investment facility funded by the European Union, has invested USD 8 million in BEAM, a pioneering investment platform set to revolutionise energy access for millions in sub-Saharan Africa and Asia.
The BEAM investment platform deploys early stage equity capital for distributed energy service companies (DESCOs) and will unlock further debt capital. With 1.1 billion people across the world without access to a reliable energy source, BEAM aims to play an instrumental role in delivering energy services to transform lives in the developing world. 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. By focusing on energy distribution businesses, BEAM is helping to leapfrog the need for developing countries to invest in expensive traditional grid infrastructure, thereby aiding economic growth.
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”.