• Acumen closed a $250 million blended-finance raise for off-grid electricity in sub-Saharan Africa.
• The H2R Amplify debt fund reached $180 million after a $7.8 million contribution from Switzerland’s SDC.
• The initiative targets nearly 70 million people, including 50 million first-time electricity users across 17 countries.

Acumen announced on Tuesday, January 6, that it reached the fundraising target for its Hardest-to-Reach initiative, which focuses on off-grid electricity access in sub-Saharan Africa. The program mobilized a total of $250 million in blended capital to support the deployment of decentralized solar solutions in areas that national grids serve poorly or not at all.

This milestone notably marked the financial close of the H2R Amplify debt fund, which reached $180 million after a new $7.8 million contribution from the Swiss Agency for Development and Cooperation (SDC). In addition, the initiative includes $18 million in grants, which Acumen plans to use through impact-linked payment mechanisms for supported companies. According to Acumen, the program aims to reach nearly 70 million people in sub-Saharan Africa, including 50 million people who will gain access to electricity for the first time across 17 African countries.

“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.”

This announcement came as decentralized energy solutions assumed a growing role in electricity access strategies across the continent. In its report Financing Electricity Access in Africa, the International Energy Agency (IEA) said mini-grids and stand-alone solar systems now rank as cost-effective solutions, particularly in rural areas. In sub-Saharan Africa, financing 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 require cumulative investments of $150 billion by 2035 to achieve universal access to electricity. The agency estimates that mini-grids and household solar systems will require an average of about $8 billion per year over the period.

This article was initially published in French by Abdoullah Diop

Adapted in English by Ange Jason Quenum