An equity capital platform has been launched with the goal of improving access to energy in sub-Saharan Africa and Asia.
The BEAM platform catalyses funding for distributed businesses, which is expected to wean developing countries off expensive grid infrastructure. Behind the platform are private equity firm Bamboo Capital Partners and next generation utility company BBOXX. By deploying US$50 million in equity to several energy data service firms, the partners hope to grow subsequent debt capital financing for joint ventures and co-investments in off-grid consumer energy projects.
Jean-Philippe de Schrevel, founder at Bamboo Capital Partners, commented: “By drawing in and encouraging further capital via joint ventures, we have a bold and ambitious vision of providing millions more with access to energy to improve their everyday lives.”
The impact of BEAM will be gauged by the growth in investee providers, and the number of solar home systems and metering applications such as pumps and mini-grids that are deployed throughout its target regions.
Investee companies include Pulse, a cloud-based task management platform that automates a business’s sales and service management system and allows it to predict problems such as failure of operations, or the likelihood of customer default.
Mansoor Hamayun, CEO of BBOXX said that BEAM solves two problems within the existing market: the ability of firms to access equity before debt, and the need to disaggregate a vertically integrated model, both of which he said are “essential to scale”.
“The BEAM model will allow us to take our successful model in Rwanda and Kenya and expand it across Africa and Asia by solving a key financial challenge,” said Hamayun.