Acumen and GCF sign agreement to implement its first approved project proposal, bringing household solar energy to East Africa
The agreement was signed in New York by Héla Cheikhrouhou, GCF Executive Director, and Acumen Fund Chief Investment Officer, Sachin Rudra.
‘This agreement is another landmark in the rapid development of the Green Climate Fund’, commented Héla Cheikhrouhou, GCF Executive Director. ‘We are delighted that Acumen Fund’s project proposal is the first GCF project to move to disbursement, and we look forward to working with Acumen Fund to bring off-grid solar energy to communities in East Africa.’
‘Acumen Fund is proud to be collaborating with GCF in this innovative project’, stated Sachin Rudra, Acumen Chief Investment Officer. ‘The project will drive a shift to clean energy, bringing off-grid solar power to low-income rural households. At scale, it is estimated to benefit over 15 million people in East Africa, and save 1.5 million metric tonnes of CO2 emission by displacing the use of kerosene and diesel.’
Acumen Fund, Inc. is a non-profit global venture fund for the poor. Its mission is to change the way the world tackles poverty by investing in businesses, leaders and ideas. Since its founding in 2001, Acumen Fund has invested $101 million, sourced from philanthropic and managed investment capital, to build nearly 100 innovative enterprises addressing the problems of poverty in Africa, South Asia and Latin America. Acumen Fund is an accredited entity to GCF.
The Green Climate Fund was established by the 194 parties to the UN Framework Convention on Climate Change (UNFCCC) and given the mandate to fund climate action to limit greenhouse gas emissions and support climate-resilient development. The Fund has received pledges of over USD 10 billion equivalent, and has so far committed more than USD 420 million. The GCF Board has an aspirational target to approve USD 2.5 billion of investments by the end of 2016.