The fund has reached a current total value of $64 million after its second and third closings.

Spark+ holds the distinction of being the first impact debt fund specifically designed to propel the clean cooking sector across sub-Saharan Africa.

The European Commission joined the initiative in July 2022 through a partnership with IFU, Denmark’s development finance institution (DFI) and a prior investor in the fund.

The US International Development Finance Corporation (DFC) followed suit in September 2023, investing in the senior debt tranche.

These four new investors join the twelve development finance institutions, foundations, family offices, and pension funds that participated in the fund’s initial closing of US$41 million in March 2022.

“We are honored to collaborate with such esteemed organizations dedicated to clean cooking solutions in Sub-Saharan Africa,” said Xavier Pierluca, Spark+ investment director and managing partner of EQ.

“Their contributions across all tranches of the Spark+ blended finance structure will be instrumental in accelerating the fund’s deployment strategy.”

This new funding strengthens Spark+ Africa Fund’s ability to support businesses offering clean and efficient cooking solutions throughout sub-Saharan Africa, ultimately contributing to improved health, environmental benefits, and economic development in the region.