Bamboo Capital Handed $40m Fund Management Role Targeting Madagascar Electricity...
Madagascar, November, 16 2020 -
Impact investor Bamboo Capital Partners has been tapped up to manage a $40m renewable energy access fund by the Government of Madagascar and the World Bank.
Off-Grid Market Development Fund is targeted at improving electricity access for households and SMEs in Madagascar through off-grid solar energy.
It is estimated that less than a quarter of the Malagasy population has access to electricity, and rural areas of the country are unequally electrified, with electrification rates around 5%.
Bamboo said Madagascar offers a potential customer base of 2.5 to 5 million households for solar lamps and market entry solar home systems.
Jean-Philippe de Schrevel, founder and managing partner of Bambo, said, “Energy access remains a critical global challenge, with 800 million people without access to a reliable source of electricity.
“This problem is particularly acute in Madagascar, where access to electricity is a challenge for the large majority of households, especially those in rural areas of the country.
“OMDF builds on our decade of experience investing in the renewable energy sector and we are looking forward to collaborating with the Government of Madagascar, the World Bank and Société Générale Madagascar to provide clean, reliable and decentralized sources of energy to the underserved Malagasy population.”