(Ecofin Agency) - Dutch development bank FMO invested $2.8 million into US Acumen’s Pioneer Energy Investment Initiative (PEII) that seeks to bridge the energy funding gap in developing countries.

The investment was made through Access to Energy Fund (AEF), a fund managed by FMO on behalf of the Dutch government, which finances private sector projects focusing on improving access to sustainable energy in sub-Saharan Africa.

“Acumen has proven to be a very unique impact investing partner in the off-grid energy space. This partnership assists in bringing electricity to the still more than 800 million people lacking access to energy. Acumen’s involvement will help the growth of innovative early-stage companies that are too risky for bank financing,” says Idsert Boersma, Director Partnerships for Impact at FMO.

Acumen says, since PEII was launched in 2017, it has invested more than $7 million into eight energy companies in Africa and other developing regions. It targets 2.8 million new beneficiaries by 2026.

Chamberline Moko