Cygnum's Africa Go Green Fund invests in distribution of improved cookstoves

AGG’s investment will result in the distribution of improved cooking solutions across 10 African jurisdictions.

** For the best experience, download the free Africa Private Equity News app Android | iOS **

---

The Africa Go Green Fund (AGG), managed by Cygnum Capital, has agreed to invest $5 million to finance the distribution of improved cookstoves across 10 African countries by BioLite.

AGG’s investment will result in the distribution of improved cooking solutions to up to approximately 120,000 households across 10 African jurisdictions, which include Rwanda, Uganda, Malawi, Côte d'Ivoire, Senegal, Madagascar, Nigeria, DRC, Zambia and Mali.

BioLite has been a pioneer in developing carbon credits from the use of its next generation improved biomass stoves for nearly a decade, and uses revenues from the sale of credits to make their products more affordable and available to lower income households across sub-Saharan Africa.

Jonathan Cedar, CEO and co-founder, BioLite said: "We are thrilled to forge this partnership with AGG, whose catalytic financing will play a pivotal role in BioLite’s expansion across sub-Saharan Africa, furthering our goal to serve 20 million people with improved energy products by 2027. We are also grateful to USAID/Power Africa for backing this transaction through legal advisory support."

Laurene Aigrain, managing director of AGG, commented: "We are delighted to engage in this strategic partnership with an organisation that boasts a formidable footprint across Africa. This collaboration will significantly enhance the accessibility of affordable and clean cooking solutions in 10 African countries and epitomise AGG’s steadfast dedication to mitigating greenhouse gas emissions across the continent."

Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log.