An investment platform aims to scale up energy access in the developing world, starting with a $50 million (£35.4m) investment in sub-Saharan Africa and Asia.
The BEAM platform, created by private equity firm Bamboo Capital Partners and utility BBOXX, will provide equity for distributed energy service companies and catalyse further funding.
In turn, these businesses will provide off-grid energy to the 1.1 billion people without access to reliable power, in the form of solar home systems, large-scale solar installations and metering applications such as pumps and mini-grids.
By focusing on distributed businesses, BEAM hopes to leapfrog the need for developing countries to invest in expensive traditional grid infrastructure.
Jean-Philippe de Schrevel, Founder of Bamboo Capital Partners, said: “BEAM will catalyse substantial investment into off-grid energy access initiatives across the developing world.
“By drawing in and encouraging further capital via joint ventures, debt and co-investments, we have a bold and ambitious vision of providing millions more with access to energy to improve their everyday lives.”