2024 marked a pivotal year for Spark, transitioning from proof of concept to full-scale implementation.

In February, we successfully closed our initial equity round, securing almost USD10m from FSD Africa Investments (FDSAi), Fortis Green Renewables and Jaltech Asset Management, as well as a contribution in-kind from Camco by way of seed assets. These funds enabled the Spark team to start executing on our significant pipeline of renewables and energy efficiency opportunities, expanding into Uganda and scaling up our operations in Kenya and South Africa. By the end of the year, Spark had funded 20 projects across the region and cemented its reputation as one of the leading financiers of sustainable energy solutions, particularly for SMEs.

Our focus on SMEs is intentional, since they represent an estimated 80% of employment across the continent. By solving existing power cost and reliability issues, we aim to unlock many more opportunities for growth and job creation, while making these businesses more sustainable and competitive. These projects are made possible through our expanding network of capable development partners, which, with access to Spark's funding and expertise, are able to scale their own operations and create more high-skilled jobs in Africa’s sustainable energy sector.

To support Spark’s ambitious plans for 2025, we topped up our initial equity round with a USD19m debt round that closed in August, with the European Investment Bank contributing junior debt, and Symbiotics and the Energy Entrepreneurs Growth Fund (managed by Triple Jump) providing senior debt. Notably, Symbiotics’ contribution was made via a green bond, which evidences an ever-growing set of financial tools available to scale climate finance in the future. Innovations like these will be critical to achieving the Paris Agreement’s goals of limiting global warming to 2°C.

The debt round has left Spark well-equipped for further growth in 2025, backed by a supportive funder group, a robust project pipeline of over USD80m across 10 jurisdictions, and development partners with an increasingly proven track record for delivery.

On the topic of development partners, we were delighted to welcome two new partners during 2024. Ashipa Electric joined Spark with an impressive pipeline of captive solar opportunities across Nigeria, while GreenYellow South Africa came on board with exciting prospects in energy efficiency across Southern Africa. We look forward to developing these relationships further in the coming year.

We thank all our partners for placing their trust in Spark during 2024 and we look forward to facing the challenges and opportunities of 2025 together.