• The initiative will deploy innovative financing to off-grid solar companies serving households and businesses across 17 frontier economies in Africa.
• BII’s investment in the initiative’s debt-focussed vehicle, H2R Amplify, will improve energy access for more than 50 million people and mitigate over 3 million tonnes of CO₂e.
• It qualifies under the 2X Challenge with the commitment to promote gender equality in the energy sector and expand economic opportunities for women as consumers and employees.

British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $20 million commitment to Acumen’s Hardest-to-Reach (H2R) Initiative.

Through the initiative’s debt-focussed vehicle, H2R Amplify, our investment will help expand access to affordable, reliable, and clean energy in frontier economies in Africa – where nearly 600 million people still lack access to electricity and women bear the disproportionate burden of energy poverty.

As part of H2R’s dual-vehicle structure, H2R Amplify will deploy innovative financing to established off-grid solar companies in the most underserved countries in sub-Saharan Africa, accelerating energy access where national electrification rates range from just 59 to as low as 12 per cent.

It will offer impact-linked loans and receivables backed financing to help solar companies manage working capital as they scale.

H2R Catalyze, the initiative’s patient capital arm, has raised $57 million since 2023 and is already investing in early-stage companies.

H2R Amplify, which was originally developed by Acumen with UK research and innovation support via the Transforming Energy Access (TEA) platform, has now has secured $123 million in commitments at first close.

It is structured to attract commercial investment by offering risk protection and enhanced returns through a tiered blended financing model.

By offering this blend of financing, it delivers a scalable model that helps solar companies expand into and grow within lower-income countries that are currently underserved or overlooked by traditional investors. 

With BII’s support, H2R Amplify is expected to reach more than 50 million individuals, including 40 million gaining first-time access to clean energy products.

It is also expected to mitigate over 3 million tonnes of CO₂e by displacing highly polluting fuels such as kerosene.

H2R Amplify is 2X Challenge-qualified, reflecting a strong commitment to advancing gender equality including through increased opportunities for women customers and employees in the off-grid solar sector.

Acumen will further support this commitment through Gender Action Plans at portfolio companies and gender-focused technical assistance, to help improve gender inclusive practices and the collection of gender data to track progress.

This investment underscores BII’s commitment to addressing economic inequality and catalysing private sector growth in Africa’s most fragile and underserved regions which often struggle to attract commercial capital.

This is further demonstrated through the Africa Resilience Investment Accelerator (ARIA), a platform created by BII to work with development partners to de-risk investments and unlock opportunities in fragile and conflict-affected countries.

Rachel Kyte, UK special representative for Climate said: 

“Being able to access reliable and affordable electricity transforms lives. The UK is working with African leaders, African entrepreneurs, and the energy and finance communities to realise the goal of universal access by 2030. With the support of the UK and other donors Acumen’s Fund will extend clean power to more than 50 million people – unlocking prosperity and driving forward the green energy transition across Africa.”

Chris Chijiutomi, MD and head of Africa at BII, commented: 

“With nearly 600 million people in Africa still lacking access to energy, we’re focussed on investing in inclusive energy solutions, to close this gap. This partnership reflects BII’s commitment to backing investments in the most challenging markets, where our capital can have the greatest impact. We also recognise that women bear the disproportionate burden of energy poverty and so we’re pleased that H2R Amplify will seek to create economic opportunities for women through its off-grid solar investments.”

Jacqueline Novogratz, founder and CEO of Acumen, added: 

“BII’s partnership reflects a shared commitment to solving energy poverty in the hardest-to-reach markets. By expanding access to clean energy for millions of households and businesses, this initiative holds the promise to provide resilience, agency and dignity, along with light and power. BII’s investment shows how public and private institutions can mobilise the right kind of capital to build markets that endure and unlock human potential.”

H2R Amplify will invest in projects in Benin, Burkina Faso, Burundi, Chad, the Democratic Republic of Congo, Guinea, Guinea-Bissau, Lesotho, Liberia, Malawi, Mozambique, Niger, Sierra Leone, Somalia, Togo, Uganda and Zambia.

Critical to achieving universal energy access, the initiative was unveiled at the SDG7 Pavilion at COP28 alongside key supporter the Green Climate Fund (GCF).

It will build on Acumen’s success of providing energy access to low-income communities living beyond the grid in sub-Saharan Africa.

Hardest-to-Reach is the first blended finance initiative exclusively dedicated to expanding clean and affordable energy access for low-income people in neglected markets in Africa.

Additional key funders include USAID Power Africa, Sir Christopher Hohn, The Global Energy Alliance for People and Planet (GEAPP), and Shinhan Bank.

“There is currently a planet-sized market failure that impedes Africa’s clean energy future,” said Jacqueline Novogratz, Founder and CEO of Acumen. “That’s not just a loss for the hundreds of millions of people directly affected by limited access to electricity; the entire world loses out by leaving Africa behind. And bringing clean energy to those without electricity today is one of the most powerful things we do for both adaptation and long-term mitigation. At Acumen, we’ve worked with entrepreneurs in the energy sector who have taken capital, demonstrated the viability of their companies to private investors, and provided clean energy to hundreds of millions and jobs to hundreds of thousands. We look forward to multiplying these successes with the goal of achieving universal energy access and avoiding millions of tons of carbon emissions in the coming years.”

In developing countries, climate ambitions are overshadowed by massive energy deficits. 675 million people live without electricity access – 80 percent of whom are in sub-Saharan Africa – and still rely on kerosene, charcoal, wood, petrol and diesel to fuel their lives beyond the grid.

This new initiative will uplift sub-Saharan countries with low electrification and high poverty rates by supporting off-grid solar companies through flexible, impact-first financing.

“Through $65 million in direct funding, the Green Climate Fund is proud to team up with Acumen to accelerate just, inclusive energy transitions in sub-Saharan Africa’s poorest regions, often neglected by traditional investors,” said Green Climate Fund Executive Director, Mafalda Duarte. “The Hardest-to-Reach programme blends debt, equity, grants and technical assistance to create and open up markets in new regions, providing clean energy for an estimated 60-plus million people across 16 countries, including Somalia.”

In addition to grants and equity, Hardest-to-Reach uses an innovative impact-linked financing approach to meet the needs of off-grid energy companies at each stage of their development.

“Acumen has been a crucial investor in our company not just as a financier but also as a long-term strategic partner,” said Jonathan Cedar, co-founder and CEO of BioLite.

“Without their investment, BioLite would not have grown by 50x and expanded our reach to impact 8 million lives and offset 2 million tons of carbon.”

“I am excited to partner with Acumen and share their determination to achieve universal energy access in sub-Saharan Africa. Acumen’s unique track record of investing at the intersection of poverty and climate sets this initiative apart,” said Sir Christopher Hohn, co-founder and Chair of The Children’s Investment Fund Foundation (CIFF).

Acumen is consistently recognized as a preferred partner by impact-focused climate financiers with $153 million in committed capital in their sponsored funds, in addition to their direct investing work.

Acumen’s focus on serving marginalized communities in the transition to clean energy has resulted in investments in 40 companies, positively impacting over 223 million lives and preventing 58.5 million tons of greenhouse gas emissions.

The initiative was made possible thanks to early support from the Fourdoves Foundation, Good Energies Foundation, The Osprey Foundation, UK aid from the UK Government via the Transforming Energy Access (TEA) Platform, The Bill & Melinda Nussey Foundation, Reed Hastings, and Chris Anderson & Jacqueline Novogratz.