New Investments
IFC Approves $25 Million to Expand Off-Grid Solar Systems in Africa
The International Finance Corporation (IFC) has committed $25 million to support the expansion of off-grid solar systems in sub-Saharan Africa.
Announced during COP29 in Azerbaijan, the investment will bolster Acumen’s Hardest-to-Reach (H2R) initiative, a non-profit fund designed to enhance solar energy access for underserved communities.
The H2R initiative focuses on providing flexible debt and capital investment to solar companies operating in remote areas of the continent.
Acumen Founder and CEO Jaqueline Novogratz emphasized the initiative’s role in addressing energy poverty.
“H2R has already disbursed $10 million across six countries since its inception. This partnership with IFC allows us to scale our efforts and bring clean energy closer to communities that have been largely overlooked in the climate transition,” she stated.
The initiative aims to reduce greenhouse gas emissions by decreasing reliance on kerosene and diesel while connecting millions of households to solar electricity.
This effort aligns with the World Bank Group’s Mission 300, a collaboration with the African Development Bank, which seeks to connect 300 million people in Africa to sustainable electricity by 2030.
IFC’s investment is expected to drive significant progress toward universal energy access while contributing to regional environmental and economic sustainability.
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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