Bamboo Capital Partners has been selected as international fund manager for a $17m energy access fund by the Government of Haiti and the World Bank.
The aim of the Off Grid Electricity Fund (OGEF) is to support the electrification of 200,000 households in Haiti within the next 10 years.
At present, less than one in three Haitian households have access to electricity, which is often unreliable. In rural areas, electrification rates are as low as 5%.
The Fund has been set up by the Haitian Government, with support from the World Bank, to play a key role in transforming the underdeveloped, unreliable existing energy system centered on expensive fossil fuels, towards a modern and sustainable energy system with diversifying energy sources.
OGEF is supported by World Bank and funded by the Clean Technology Fund and the Scaling up Renewable Energy Program in low income countries.
The Fund has been established as a 10-year structure with plans to raise further capital, in addition to the current $17m.
OGEF will invest debt and equity in companies that provide renewable off grid energy access solutions to people in Haiti, ranging from mini grids to pay-as-you-go solar products.
Bamboo is the international fund manager of OGEF and will partner with the Haitian Development Finance Institution, Fonds de Developpement Industriel in Haiti.
The partnership combines FDI’s local knowledge on the ground with Bamboo’s experience of managing international funds that invest in energy access solutions.