ENGIE has taken an 18.5% minority stake in Green Bio Energy, a company active in Uganda where it produces improved cookstoves and charcoal briquettes reconstituted from waste materials. Disadvantaged communities manufacture the briquettes as part of a green circular economy model, utilizing wood charcoal dust and burnt banana peels. By making use of recovered waste, Green Bio Energy replaces traditional fuels such as wood, thereby effectively countering deforestation while providing customers an alternative that is custom-tailored to local cooking practices. The company also produces locally improved cookstoves, thereby maximizing its effectiveness with users. The stoves are numbered and may be traced, thus enabling their distributors to take advantage of carbon credits.
With some 2.7 billion people worldwide without safe, hygienic cooking systems, the dissemination of improved cookstoves will help reduce households’ fuel consumption and decrease air pollution in homes.
Isabelle Kocher, CEO of ENGIE, declared: “The ENGIE Group is very happy to be diversifying the activity of ‘ENGIE Rassembleurs d’Energies’ by supporting this key challenge of improved cookstoves, of major significance for those most in need, and thus promote Green Bio Energy’s development in this sector. This investment expands upon the fund’s traditional involvement in promoting access to sustainable energy for everyone.”
Vincent Kienzler, Managing Director of Green Bio Energy, added: “The support and confidence of ‘ENGIE Rassembleurs d’Énergies’ will enable us to accelerate our development in Uganda and in the region and extend our work with these populations. Green Bio Energy’s goal is to improve the quality of life of nearly 300,000 people by reducing emissions of fine particulate matter in homes and over 268,000 metric tons of CO2 emissions by the year 2020.”
Green Bio Energy is the 17th investment of “ENGIE Rassembleurs d’Energies” and its 6th in Africa. After investments in Fenix International, BBOXX and PEG Ghana in individual solar systems, Simgas in biogas, and Ausar Energy in micro grids, the fund thus diversifies its portfolio and is now active in the area of improved cookstoves and waste energy recovery.
About “ENGIE Rassembleurs d’Énergies”
ENGIE Rassembleurs d’Énergies is a high impact ENGIE fund investing in sustainable energy access projects in support of disadvantaged populations. With €50 million in capital, the fund’s vocation is to invest in projects with high social and environmental benefits that are economically viable and are supported by innovative entrepreneurs.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of € 69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).