The International Finance Corporation(IFC) will invest $25 million in an initiative to activate hard-to-reach markets for clean and affordable energy in sub-Saharan Africa.
Making the announcement at COP29, the IFC highlighted energy access to the hardest-to-reach low-income, off-grid communities in Africa.
Acumen’s Hardest to Reach (H2R)initiative is the first blended finance initiative dedicated to financing household solar systems for Africa’s hardest-to-reach populations.
Makhtar Diop IFC Managing Director said their investment underscores their commitment to address the critical energy access gap in sub-Saharan Africa where millions still lack basic electricity access.
“Initiatives like this one can help to catalyse off-grid solar markets in African countries, encouraging more international companies to expand into them, and supporting local companies to sustainably and efficiently scale up their operations,” said Diop.
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