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Transaction
BURN Manufacturing - Modern Cooking Facility for Africa results-based financing partnership
Terms
- Not ranked
- Announced, not closed
- Announced
- 5 Sept 2023
- Instrument
- Grants
- Amount
- US$11.2mReported as EUR 10 million (stated as up to; plus an expected EUR 10 million co-financing), converted at 1.1195 USD/EUR
- Source
- nefco.int
Parties
- Project developer
- BURN Manufacturing
- Recipient type
- Technology company
- Country
- DRC, Kenya, Mozambique, Tanzania, Zambia
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis Nefco Grantor Not credited Not ranked
Carbon
- Pathway
- Cookstoves
What happened
- The Modern Cooking Facility for Africa (MCFA), managed by NEFCO and funded by Sweden and the EU, announced a partnership with BURN at Africa Climate Week on 5 September 2023 to provide results-based financing of up to EUR 10 million, with BURN expected to mobilise a further EUR 10 million of co-financing, through separate agreements with BURN subsidiaries in the DRC, Kenya, Mozambique, Tanzania and Zambia to 2027. The figure is a ceiling and the announcement does not say the agreements are signed, so it is recorded as announced, not closed.
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