Global consultancy company ‘Palladium’ is set to raise $40 million for a first impact fund. The project will focus on off-grid solar and agribusiness startups across Kenya, Ghana, and Nigeria. The impact fund is tagged ‘Palladium Impact Fund I’ as it aims to provide funding for agribusiness and off-grid clean energy ventures in Nigeria, Ghana, and Kenya.
The impact fund does not just aim to alleviate poverty and economically empower over 500,000 rural households, it also aims to create at least 3,500 full-time jobs. These jobs will comprise of 60% women workforce.
Palladium will manage the fund, once it is secured, they will also anchor their $5 million investment capital. The secured funds will cover debt and mezzanine investments between $250,000 and $2 million into small companies.
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The company has made two direct impact investments in Naasakle, a mother and daughter-owned shea nut harvesting and processing business in Ghana, and PEG Africa, an off-grid solar energy project. The company also has about 10 investments under due diligence.
According to Andrew Tillery, Head of Impact Investments at Palladium, the company has learned through Fifty-four years of experience that for an investment to impact, it has to be sustainable, in essence, generate a financial return. Which is why they are choosing to invest in empowering African women, considering that women are higher performers of agricultural activities.
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