Acumen announced on Tuesday, January 6, that it has successfully reached its fundraising goal for the Hardest-to-Reach initiative, a program focused on expanding off-grid electricity access across sub-Saharan Africa.
According to Ecofin Agency, The initiative mobilized a total of $250 million in blended capital to support the rollout of decentralized solar energy solutions in communities that are either poorly served or completely excluded from national power grids.
A key part of this achievement was the financial close of the H2R Amplify debt fund, which reached $180 million following a new $7.8 million contribution from the Swiss Agency for Development and Cooperation (SDC).
The broader initiative also includes $18 million in grant funding, which Acumen plans to deploy through impact-linked payment mechanisms to support participating companies.
Acumen said the program is designed to reach nearly 70 million people across sub-Saharan Africa, including 50 million people who will gain access to electricity for the first time in 17 African countries.
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“The commitment from the SDC and the final closing of Amplify mark an important milestone for Hardest-to-Reach,” said Jiwoo Choi, Head of Strategic Initiatives and Lead of the Hardest-to-Reach initiative at Acumen.
“Over the past two years, we have brought together partners aligned around a shared goal: unlocking access to energy in the most remote and vulnerable areas. The shift from an announced strategy to fully committed capital gives us the foundation we need to continue this work with clarity and determination.”
The announcement comes as decentralized energy solutions continue to play an increasingly important role in electricity access efforts across Africa.
In its report, Financing Electricity Access in Africa, the International Energy Agency (IEA) noted that mini-grids and stand-alone solar systems have become cost-effective options, particularly for rural communities.
In sub-Saharan Africa, funding committed to these solutions reached $870 million in 2023, representing a 20% increase compared with 2019.
According to the IEA’s ACCESS scenario, Africa will need cumulative investments of $150 billion by 2035 to achieve universal access to electricity.
The agency estimates that mini-grids and household solar systems alone will require average annual investments of about $8 billion over that period.
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Image Credit: UK Parliament
