BURN Manufacturing x ECP - Kenya cookstove offtake funding package (170,000 stoves)

Terms

Announced

21 Dec 2022

Instrument

Debt

Amount

Undisclosed

Source

envcp.com

Parties

Project developer

BURN Manufacturing

Recipient type

Technology company

Country

Kenya

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Environmental Commodity Partners	Investor	Undisclosed	No value disclosed

Carbon

Pathway

Cookstoves

Project type as recorded

170,000 efficient biomass cookstoves manufactured and distributed by BURN in Kenya, subsidised against the resulting emission reductions

Backed by offtakes from

• Environmental Commodities Partners

What happened

COUNTERPARTY: Environmental Commodity Partners LP (ECP) - multi-select 'Bought by / Lent by' left blank because ECP is not yet an option in that field; add the option and tag this row when convenient. Carbon-credit offtake funding package rather than debt. ECP (Mill Valley CA, founded 2017, ~$400m AUM) provided a funding package to BURN Manufacturing to subsidise 170,000 efficient biomass cookstoves in Kenya, making them affordable to lower-income households. BURN manufactures, delivers and monitors; ECP supplies the capital against the resulting emission reductions. Announced 21 Dec 2022. Structure: not disclosed in the release, but sits within ECP's stated structured commodity finance strategy - commodity prepayments, long-term purchase agreements and other offtake/risk-transfer mechanisms. No size, tonnage, price, tenor, security or insurance disclosed. Caveat: ECP's news page shows no further transaction announcements after Dec 2022 - all output since is market commentary. Post-2022 origination activity is unverified. Sources: https://www.envcp.com/article/burn_and_ecp_announce_investment_to_expand_clean_cooking_access_in_kenya_to_170000_new_families ; https://www.envcp.com/investment-focus

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