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Utilising energy resources for agricultural productivity (e.g., grain milling, irrigation, water pumping, cold storage and refrigeration, agricultural processing, etc.) Credit/loans offered with assets (e.g., inventory and equipment used as collateral). Transaction is recorded on the balance sheet as a debt affecting the financial position of a company. Credit/loans offered with assets (e.g., inventory and equipment used as collateral). Transaction is not recorded on the balance sheet as a debt but recorded as part of a separate entity known as a Special Purpose Vehicle (SPV) or Special Purpose Entity (SPE). Involves utilising a company’s accounts receivables as collateral for a loan. Funds used to purchase physical assets such as property, plants, buildings, technology, and equipment. Brick and mortar only (including construction and labour), no soft costs included. Cooking that utilises cleaner fuels and technologies, instead of polluting fuels or inefficient equipment. In this context, this term covers fuel and stove as well as fuel only (biomass, biogas, LPG, etc.) solutions. Securities pledged to ensure repayment of a loan. Refers to power generation systems for commercial and industrial facilities; applies to both on-site power and heat production systems. Debts that have longer than commercially available loan tenors, lower than commercially available interest rates, less restrictive collateral requirements, or forgiveness for all or some part of the principal. A specific type of debt that is dependent on uncertain future developments. Contingent debt is not a definitive liability, as it is based on the outcome of a future event. Development finance institutions (DFIs) are specialised development organisations that invest in private sector projects in developing countries to promote job creation and sustainable economic growth. DFIs are typically majority owned by national governments. Independent Power Producers that are in the pre-PPA stage but are in the process or have already obtained relevant permits. A metric used in financial analysis to estimate the profitability of potential investments. Refers to the timeframe within which an investment will be held before being sold. As opposed to “pari passu” guarantee coverage, where the guarantor covers loan losses on an equal basis with a lender, (i.e. where the loan principal is $1000 and $100 is lost and the pari passu cover is 50%, the guarantor pays out only 50%). With first loss, the guarantor provides a pay-out of 100% of the losses up to first loss cover, (i.e. where the loan principal is $1000, and the first loss coverage is 10%, on the same $100 lost, the guarantor provides a pay-out of the full $100, since it is not greater than 10% of the loan amount). A form of financial assurance used to secure debt liabilities. Can be called upon (called a guarantee call) by the lender in the event of a loan default or payment arrears. The guarantee provider is called a guarantor. An investor who only considers investments meeting certain economic, environmental, and social criteria, while also generating financial returns. Refers to an enterprise with the majority of ownership by nationals of a Sub-Saharan African country, the Caribbean or the Pacific. Given the widely varying definitions of the term in this sector, a financier focusing on the origin of the management team (or another aspect, or a combination of aspects) is also considered valid. Financial assurance provided for one individual transaction. Involves utilising a company’s purchased inventory as collateral for a loan. A type of debt that is only paid out after other debts are settled when a company gets liquidated due to insolvency. IPPs that have equity partners but no EPC contract and no debt financing. A claim put on installed equipment to be used as collateral. Funds paid out to an organisation based on some percentage contribution made to the total project cost by the grantee. A form of debt instrument that is subordinated to senior debt. Mezzanine debt is typically classified as “equity,” given that it can be converted into equity in the company in case of default. However, for funds with no additional equity offerings (i.e., those that only provide debt instruments), mezzanine debt is classified as a debt offering. IPPs that have acquired land, PPA, and the relevant permits. Grants that do not have to be paid back. A one-time fee charged by a lender/guarantor for processing and approving a loan/guarantee application. Where the guarantor assumes only partial risk of non-payment (usually 50%). Taking individual responsibility as a business owner or majority owner to repay credit issued in the event the business defaults. All owners take responsibility to repay credit issued in the event the business defaults. The shares of the company are collateralised to secure a loan. Assets owned by the company, such as equipment or a building, are collateralised to secure a loan. Personal property assets of individual shareholders are collateralised to secure a loan. For IPPs, this is the ideation stage prior to the acquisition of relevant permits. Restructuring a debt. A form of grant financing in which funds are disbursed once recipients meet specified performance objectives. Initial funding for a business to turn an idea into a product or service. Debt that is paid out first when a loan is in arrears, after a loan is called into default or when a company is dissolved. Post seed capital funding, used to ensure continued growth of the company. Series A funding is raised once a company has consistent revenue figures or other key performance indicators. Series B funding is used to grow the company to meet rising levels of demand. Series C funding is raised once the company is almost at maturity and looking to scale or enter new markets. A privately-owned entity that generates and sells electricity to utilities and/or end-users. A specialised investment fund that pools resources to invest equity solely in the energy sector. A fund set up to solely provide debt financing for the off-grid energy sector enterprises. A large corporate investor that invests for strategic gain (e.g. to access a promising technology). Used for loans, guarantees and insurance contracts to indicate the length of time a loan is valid until it’s due. Third affiliated party that agrees to back a loan or debt. Average amount of funding made available for each individual recipient. Projects or companies that have a majority (51% or more) female ownership. Day-to-day operational expenses.

Description

InfraCo Africa provides equity to fund the development and construction of pioneering projects and innovative infrastructure businesses that need to scale up and demonstrate commercial viability.

Information

Financial instrument type
Equity
Financing entity type
Development Finance Institution (DFI), Impact Investor, Private Sector Investor
Market segment(s)
Independent Power Producers

Commercial and Industrial (on-site power/heat generation)

Mini-grids

Solar Home Systems

Clean Cooking

Other: Agri-productive use, will provide funding to smart/e-mobility technologies, solar powered irrigation and water, as well as agri-infrastructure
Geographic region(s)
Sub-Saharan Africa
Countries
Angola
Benin
Botswana
and 44 more
Burkina Faso
Burundi
Cameroon
Cape Verde
Chad
Comoros
Djibouti
Equatorial Guinea
Eritrea
Ethiopia
Gabon
Ghana
Guinea
Guinea-Bissau
Ivory Coast
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia
Niger
Nigeria
Rwanda
Senegal
Seychelles
Sierra Leone
Somalia
South Sudan
Sudan
Swaziland
São Tomé & Principe
Tanzania
The Central African Republic
The Democratic Republic of Congo
The Gambia
The Republic of the Congo
Togo
Uganda
Zambia
Zimbabwe
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Investment stages
  • For off-grid enterprises:
  • Project Development and Construction Equity 


  • For IPPs:
  • Early stage (pre-PPA)
  • Mid stage (post-PPA)
  • Late stage (equity partner, pre-EPC contract + debt financing)
Preference of stake
Minority stake preferred
Equity IRR/interest rate
Varies
Average exit horizon/range of mezzanine debt tenors
Before 5 years
Currencies
Euros
UK Sterling
US Dollars
Minimum range of ticket sizes
1,000,000 - 3,000,000 (GBP)
Maximum range of ticket sizes
3,000,000 - 10,000,000 (GBP)
Average ticket size per transaction
1,000,000 - 3,000,000 (GBP)
(Target ticket size for investments is 1 - 5M, but can fund smaller projects, especially with grant funding from PIDG Technical Assistance. Can also fund projects above 5M USD if needed)
Eligibility criteria
  • Eligibility criteria can be found here
Applicant groups with special set-asides or additional evaluation points
  • Gender lens
Application process
  • Application document requirements are unspecified
  • Application may be submitted here
Technical assistance
Technical assistance is provided for free, with InfraCo leveraging support from PIDG technical assistance. InfraCo Africa does not provide typical TA support, though it will fund studies or pilot projects to prove a business case.
Examples of successful investments
Fund manager description
InfraCo Africa is part of the Private Infrastructure Development Group (PIDG). It is managed as a private company and funded by the UK (FCDO), the Netherlands (DGIS) and Switzerland (SECO).
Headquarters
London, UK
Other branches
Nairobi, Kenya; Casablanca, Morocco