Global development institution the International Finance Corporation (IFC) has approved a $25 million investment to support off-grid solar systems across sub-Saharan Africa.
The investment, which was announced at COP29 in Azerbaijan, will be directed to non-profit investment fund Acumen’s Hardest-to-Reach (H2R) initiative. The initiative will support solar companies across the continent through flexible debt and capital investment.
“Acumen’s Hardest-to-Reach initiative is a vital step toward solving energy poverty for communities often overlook in the climate transition,” stated Acumen Founder and CEO Jaqueline Novogratz, adding, “Since its launch, H2R has disbursed $10 million across six countries. With IFC’s partnership, we can scale this impact and move closer to clean energy access for all.”
Aiming to reduce greenhouse gas emissions from kerosene and diesel use, the H2R initiative will provide millions of people across the continent to household solar electricity.
The initiative serves as part of IFC parent company the World Bank Group’s Mission 300, a joint initiative with pan-African finance institution the African Development Bank, that aims to connect 300 million people across the continent to sustainable electricity by 2030.
