Chief Program Officer
Initiated by CCA, Enabling Qapital, and Stichting Modern Cooking, SPARK+ Africa (“Spark+”) is the world’s first impact fund to finance clean and modern cooking solutions in developing markets.
Spark+ is an impact investment fund that finances pioneering companies that offer life-improving biomass, biogas, ethanol, electric, and LPG-based cooking technologies to low-income consumers.
With the lack of access to clean and modern cooking solutions costing Africa more than $300 billion in social, environmental, and economic costs, Spark+ aims to directly address the critical investment gap in the clean cooking sector and achieve a range of societal benefits, including improved respiratory health, reduced time poverty for women, greater gender equality, reduced greenhouse gas emissions and deforestation, industrial and economic development, and poverty reduction.
“CCA is thrilled to have supported the development of Spark+. We see this launch as a much-needed step toward developing a sustainable and inclusive clean cooking sector.”
— Dymphna van der Lans, CEO, CCA
In 2022, Spark+ raised over $40 million in a first close.
Development Finance Institutions investing in the first close include African Development Bank’s Sustainable Energy Fund for Africa (SEFA), Investment Fund for Developing Countries (IFU) (Denmark), and the Belgian Investment Company for Developing Countries (BIO) (Belgium). Foundations and family offices include Ceniarth, Osprey Foundation, Fundacion Netri, and the Ashden Trust. Pension funds include Baloise, Bank of America Merrill Lynch Pension Fund, CAPAV, and GastroSocial. A Technical Assistance (“TA”) Facility will be funded by BIO. CCA will also serve as a TA partner to the Fund, and additional TA funding from Shmjerley Fund will be channeled via SMC.
Pre-first close development support was provided by the Norwegian Agency for International Development and the Ministry of Foreign Affairs of the Netherlands, both via CCA. Support was also provided by the International Climate Finance Accelerator, sponsored by the Luxembourg government.