51294 - AFC Warehouse Facility - PAYGO Receivable Financing

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Summary of Investment Information

Project Number

51294

Company Name

RAMP Warehouse S.a r.l

Date SPI Disclosed

Mar 27, 2026

Country

World Region

Region

Global

Projected Board Date

Apr 27, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Mar 28, 2026

Department

Regional Industry - FIG Africa

Industry

Funds

Sector

Other Sector Fund

Project Description

Africa Frontier Capital (“AFC”) is establishing a multi-originator warehouse facility (“WHF”) to provide off-balance-sheet financing to distributed energy service companies (“DESCOs”) across eligible Sub-Saharan African countries operating under the pay-as-you-go (“PAYGo”) model. The WHF is expected to raise up to US$125 million from a group of lenders, comprising up to US$100 million in senior debt and up to US$25 million in subordinated debt, providing a credit enhancement to senior lenders (the “Project”). By addressing a critical financing bottleneck in the off-grid solar PAYGo sector, the Project is intended to enable DESCOs to scale affordable clean energy solutions for low-income households, crowd in private capital, and accelerate the transition away from polluting fuels through a scalable and replicable financing platform.

Sponsor / Cost / Location

Development Impact

The Project will contribute to increased access to electricity for off-grid end-users and generate positive environmental outcome by mitigation emissions through increased adoption of off-grid solar (OGS) products. An additional, secondary outcome is increased access to climate finance for underserved households and micro-enterprises via PAYGo, enabled by off-balance-sheet receivables financing that unlocks PAYGo companies’ growth. IFC further expects market competitiveness effects through replication by non-IFC investors who will invest in PAYGo receivables, catalyzing private capital into the off-grid sector. In particular, the Facility demonstrates smaller PAYGo companies’ ability to raise funds by securitizing their receivables from OGS customers. Given investors’ current reluctance to finance these companies, the introduction and scaling up of alternate financing mechanisms is critical for the continued development of the sector.

IFC's additionality in the Project is both financial and non-financial. Financial additionality stems from structuring, where IFC is offering a longer-term loan to support a securitization structure that is not currently available to smaller PAYGo companies in Sub Saharan Africa, enabling AFC to purchase receivables and unlock working capital that would otherwise remain constrained. As the anchor investor, IFC is also mobilizing significant third party capital by structuring the facility, leading due diligence, and coordinating other development investors, without which the facility would be unlikely to reach scale. IFC brings non financial additionality by setting international best practices, particularly through strengthening the client’s environmental and social risk management.

Indicator	Metrics	Comments
Number of Customers : electricity connections (distributors) (target group)	Millions
Number of Outstanding Climate Loans	number

E&S Category Rationale / Risks and Mitigation

The Project supports Africa Frontier Capital (AFC) through the establishment of a multi originator warehouse facility (WHF) that will provide off balance sheet financing to distributed energy services companies (DESCOs) using the pay as you go (PAYGo) model, with IFC’s financing package including an up to US$30 million senior loan (own account) and an up to US$15 million subordinated loan (blended finance). The Project has been categorized as FI 2 under IFC’s Policy on Environmental and Social Sustainability because the WHF will finance a portfolio of underlying DESCO exposures that are expected to entail generally moderate E&S risks, while AFC’s current E&S management capacity and systems are still being strengthened to ensure consistent screening, due diligence, monitoring, and corrective action across the pipeline and portfolio. Key E&S risks relate to implementation of E&S requirements during DESCO onboarding and operations (including for DESCOs operating in FCV contexts), as well as labor and working conditions and GBV/SEAH risk management gaps (notably where field based agents may operate in remote or isolated locations, and where training and formal processes to implement/operate relevant policies and grievance channels are limited). Applicable E&S requirements for the Project include the IFC Exclusion List and applicable host country E&S laws and regulations. The Project will not support activities on the IFC Exclusion List (AFC has reported no exposure to excluded activities in the submitted excluded activities form).

AFC currently has core ESMS building blocks in place, including an ESMS Manual, procedures for incident management, a grievance redress mechanism, and templates/tools (e.g., screening/categorization tool, ESDD questionnaire, action plan template, external consultant ToR, IC memo template, E&S clauses, monitoring tool, and DESCO toolkit). AFC’s E&S policy is currently being developed and the ESMS needs to be updated to to more fully and clearly operationalize the E&S processes including detailing better the ESDD process. AFC’s internal capacity is not yet sufficient to consistently assess and monitor pipeline/portfolio activity without ongoing external support and structured training. Accordingly, the agreed ESAP focuses on consolidating and strengthening the full ESMS package (policy, manual, and annexes/tools), including updates to explicitly incorporate ILO C190 and applicable IFC EHS General and Sector specific Guidelines, and completing/rolling out key instruments such as screening/categorization tools, monitoring and reporting templates, and a defined external grievance mechanism, all to lender satisfaction. Particular attention is given to labor and working conditions, contractor and independent worker management, OHS (including road safety), and Life and Fire Safety where relevant. Sexual Exploitation, Abuse and Harassment (SEAH) and child safeguarding considerations are incorporated into the ESMS, including screening during due diligence, grievance mechanisms, and training.

S.no	Title	Anticipated Completion Date
1	ESMS development including ESDD, monitoring templates	05/14/2026
2	Exclusion list	05/14/2026
3	Grievance Mechanism	05/14/2026
4	ESMS training	05/14/2026
5	E&S Officer	05/14/2026
6	E&S Panel	08/13/2026

Contacts

For Inquiries About the Project, Contact

African Frontier Capital LLC
Eric De Moudt
Director
+44 (0) 207 129 1422
info@africanfrontiercapital.com
5th Floor Nexsky Building, Ebene, Cybercity72201 Mauritius
https://www.africanfrontiercapital.com/

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