We are pleased to announce that FEI Off-Grid Energy Access Fund (FEI-OGEF) and Mirova SunFunder have closed a USD 16 million syndicated debt facility to support BioLite’s expansion in Africa. The facility includes USD 10 million investment from FEI-OGEF, and USD 6 million from Mirova SunFunder, and will provide debt financing for BioLite’s increased working capital requirements, a product of its rapid expansion in Sub-Saharan Africa. FEI-OGEF is excited to be partnering with and continuing to support BioLite, an industry leader developing clean energy solutions for off-grid communities.
BioLite is a leading manufacturer of solar-home systems (SHS), solar-powered appliances and cookstoves, distributed in over 20 developing countries in Sub-Saharan Africa. Its innovative designs, ranging from high quality and affordable portable lanterns to cooking products are in increasingly high demand. BioLite’s fully inhouse developed products aim to provide life-changing solutions suitable for a lot of people with limited or no access to reliable energy, and unhealthy cooking environments. Since its inception, BioLite has provided clean energy access to 3.6m people in developed and developing countries, offsetting over 700k tonnes of CO2eq and saving more than $175m in end user fuel costs.
FEI-OGEF is managed by Lion's Head Global Partners Asset Management
Founded in 2006, BioLite is a US-based developer and manufacturer of fuel-independent cooking, charging, and lighting systems for individuals. It has received multiple awards, such as the Product Design Award, Social Impact Design and Innovation by Design, given its excellent quality, affordable and durable clean energy products. BioLite has sold over 1 million products in emerging and developed countries in its mission to provide clean energy access to 20m people by 2025, and a healthier planet for everyone through safe & reliable cooking appliances.
About Mirova SunFunder
Mirova SunFunder, formed by the acquisition of SunFunder by Mirova in June 2022, has closed more than $200million in debt financing to 58 solar borrowers in emerging markets, improving energy access for over 10 million people. Investments to date have been in the off-grid solar, mini-grid, productive use, C&I and telco ESCO sectors in Africa, the Asia-Pacific, the Middle East and Latin America. Mirova SunFunder has been widely recognised, being shortlisted by the United Nations Net Zero Asset Owner Alliance, having won a UN Global Climate Action Award at COP26 in Glasgow in 2021, among others. Its teams are working on a new fund, the Gigaton Fund, which aims to raise $500 million, driven by the demand for large-scale financing to scale up climate action and energy access.