Hardest-to-Reach

  • Cross-cutting
  • Under implementation
Date approved
13 Jul 2023
ESS Category
Intermediation 2
Financing
Private sector
Entity
Acumen Fund, Inc.

Overview

560 million people in the sub-Saharan region live without electricity and will continue to do so in the foreseeable future without adequate intervention. Investment barriers such as risky and nascent market, hard-to-reach locality, and lack of supporting infrastructure keep traditional off-grid solar companies from investing in projects that could benefit hard-to-reach communities. The unelectrified communities of these countries risk being trapped in energy poverty and climate vulnerability. Delivering clean, affordable, and climate-resilient energy to these vulnerable communities will be a crucial component of climate action not only in the sub-Saharan region, but for the African continent.

The H2R programme aims to provide affordable and green energy access to first-time users in low-income populations in 17 countries in Africa. The programme will support off-grid solar companies to enter and grow in these underserved markets by providing flexible financing that matches the needs of the companies. The programme seeks to mobilise a blend of donor and private finance to deliver off-grid solar solutions to least developed communities via pay-as-you-go financing methods. The goal is to close a historically persistent energy gap in sub-Saharan countries, thereby contributing to a more just and inclusive energy systems transition.

Technical assistance through the GCF Project Preparation Facility (PPF) was deployed to support the Accredited Entity in the development of this project's funding proposal (FP).

Result areas

Project timeline

  • Pipeline

    418 days

    • Concept note received

    • Funding proposal received

    • Cleared by GCF Secretariat

    • Cleared by iTAP

  • Approved

    803 days

    • Approved by GCF Board

    • Legal opinion on AE's Internal Approval

    • FAA executed

  • Under implementation

    267 days so far

    • FAA effective

  • To be completed

    Not started

  • Total project value $ 250 million

  • Tonnes of CO2 equivalent avoided 5.1 million

  • Total number of beneficiaries 54.3 million

Financing

GCF-financing

0.0%

USD

Co-financing

0.0%

USD

USD 250 million

Show details

GCF-financing

  • Grant USD 10,000,000
  • Grant USD 5,000,000
  • Equity USD 50,000,000
  • Total GCF-financing USD 65,000,000

Co-financing

  • Grant USD 40,000,000
  • Grant USD 15,000,000
  • Equity USD 10,000,000
  • Equity USD 60,000,000
  • Equity USD 60,000,000
  • Total co-financing USD 185,000,000

Documents

Project contacts

Find the appropriate contacts for this project, including partner organizations and responsible entities.

See contact details