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ENVIROFIT CARBON ONE HOLDINGS - MAURITIUS
Ghana cookstove distribution project developed and operated by Envirofit International
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TECHNOLOGY AND BUSINESS MODEL
Article 6.2 cookstove distribution project backed by ITMO (carbon credit) off-take agreement with KliK Foundation
COUNTRIES OF OPERATION
Ghana
E&S RISK CLASSIFICATION
B - Medium Risk
SPARK+ INVESTMENT
$2 million project finance debt investment
USE OF PROCEEDS
Manufacturing of 60,000 stoves, setup of a light assembly facility in Ghana, and operating costs related to carbon credit issuance.
WEBSITE
The project's sponsor, Envirofit International, has commercialized customer-focused cooking solutions using firewood, charcoal, and LPG. Having developed over 10 in-market factories, and hundreds of routes to market, Envirofit has enabled more than 45 million tons of GHG reduction and over USD 10 billion in socio-economic co-benefits impacting more than 5 million people since 2003.
This multi-phase project involves the manufacture and distribution of 180,000 improved cookstoves produced locally by Envirofit Ghana, driving the creation of approximately 300 new jobs across the entire value chain. The stoves will improve the lives of an estimated 750,000 Ghanaian citizens by reducing smoke and toxic emissions in individual households by as much as 80% and reducing cooking fuel costs by as much as 60%. The stoves will be sold to smallholder farmers in rural and peri-urban parts of Ghana at a below-cost price subsidized by carbon finance, and in tandem with a revolving consumer credit fund provided through established Village Loan and Savings Associations.
Envirofit Carbon One Holdings - Mauritius is a Mauritius-based special-purpose vehicle (SPV) established by Envirofit in conjunction with Spark+ financing for the first phase of the project.
