Acumen secures over $245 million to scale clean energy in Africa
Driving energy access in underserved markets through blended capital.
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- Renewable energy
- Sub-Saharan Africa H2R
Green Climate Fund, IFC, Shinhan Bank, Nordic Development Fund, BII, SEDF, and others back effort to reach nearly 70 million people in sub-Saharan Africa’s hardest-to-reach markets
(New York City, September 23, 2025) — Acumen, a global impact investor building markets to solve poverty, announced today it has secured $246.5 million in approved and committed capital for its Hardest-to-Reach Initiative (H2R), a first-of-its-kind blended finance strategy to scale clean and inclusive energy solutions in sub-Saharan Africa’s most underserved regions.
The milestone reflects approximately $189.5 million in approved capital for H2R Amplify, the initiative’s debt vehicle designed to provide reliable growth capital, including $123 million committed in its first close, alongside $57 million already committed through H2R Catalyze, its flexible, market-building facility. Together, these approaches position H2R to expand electricity access in places where traditional capital has long failed to reach.
Launched at COP28 in 2023, H2R is anchored by an award from the Green Climate Fund (GCF) and represents Acumen’s most ambitious energy effort to date. The initiative aims to reach nearly 70 million people across 17 countries, including 50 million first-time energy users in areas with some of the lowest electrification rates in the world, according to the World Bank, such as Malawi (16%), Burkina Faso (22%), Sierra Leone (36%), and others. In 2023, 600 million sub-Saharan Africans still lacked access to electricity, with a disproportionate impact on women.
“At a time when many are pulling back, this coalition is stepping up with capital designed not just to invest, but to solve,” said Jacqueline Novogratz, Acumen’s Founder and CEO. “This is the first time public, private, and philanthropic partners have come together behind a model built to reach the hardest-to-reach. It’s a clear example of what’s possible when capital aligns with purpose to tackle energy poverty at scale.”
A dual-vehicle approach
To meet the financing needs of energy enterprises across very different contexts, H2R deploys two complementary strategies:
H2R Amplify (~$189M approved / $123M committed): A debt vehicle providing impact-linked loans designed to give enterprises the growth capital needed to expand proven models in underserved and higher-risk markets, with terms that link repayment to social impact performance. Amplify achieved its first close this month, unlocking new capital to accelerate deployment.
H2R Catalyze (~$57M committed): Active since 2024, Catalyze is built to create and build markets. It deploys a mix of equity, debt, grants, and technical assistance tailored to the specific needs of enterprises navigating fragile markets. This approach enables market-building businesses to overcome barriers that commercial financing alone cannot address.
Together, Amplify and Catalyze represent two approaches to the same goal: scaling clean energy access by matching capital structures to the realities of different markets.
A coalition built for scale
Today’s announcement marks a new phase for the Hardest-to-Reach Initiative, as a growing group of investors joins forces to expand its impact. With the first close of H2R Amplify, a diverse set of public and private institutions, including the GCF, International Finance Corporation (IFC), Shinhan Bank, British International Investment (BII), Soros Economic Development Fund (SEDF), Nordic Development Fund (NDF), Signify Foundation, and ImpactAssets, are part of the initiative’s next chapter.
Henry Gonzalez, Chief Investment Officer at the Green Climate Fund, said: “We are pleased to see the continued momentum of the Hardest-to-Reach Initiative. By deploying catalytic capital to unlock clean energy access in underserved markets, this initiative demonstrates how innovative financial structures can shift investment toward the people and communities most vulnerable to climate change.”
“Expanding access to affordable, reliable, and clean energy is essential for unlocking economic opportunity, creating jobs and improving lives across sub-Saharan Africa. The Hardest-to-Reach Initiative is an innovative financing and reach model that blends public, private, and philanthropic capital to deliver impact where it is needed most,” said Mohamed Gouled, IFC’s Vice President of Industries. “IFC is proud to join this partnership to help scale proven energy solutions into underserved markets, demonstrating that with the right delivery model and financing structures, we can reduce the energy access gap and build a more inclusive, sustainable future.”
“Shinhan Bank is proud to join Acumen’s Hardest to Reach initiative,” said Seung Hyeon Seo, Deputy President & Head of Global Business, Shinhan Bank. “This innovative blended finance structure enables us, as a leading Korean bank, to channel capital into the toughest markets and reach those most in need — helping provide clean, affordable energy where it matters most. This mission reflects Shinhan’s ESG commitment not only to responsible capital deployment but also to advancing sustainable development across Africa.”
Chris Chijiutomi, MD and Head of Africa at BII said: As the UK’s development finance institution, BII is committed to expanding inclusive energy access, especially in underserved and challenging markets where private investment is scarce. This partnership is a meaningful step toward unlocking more capital and overcoming barriers to energy access. It also reflects our shared commitment with Acumen on gender equity. Women bear the disproportionate burden of energy poverty, and as a 2X Challenge investment we are pleased that H2R will seek to create economic opportunities for women.”
Georgia Levenson Keohane, Chief Executive Officer of the Soros Economic Development Fund, said: “The Soros Economic Development Fund is proud to support Acumen’s Hardest-to-Reach Initiative, which aligns public, private, and philanthropic finance to expand clean — and often first-time — energy access across underserved markets in Africa. With H2R now fully operational, capital is moving, and poised for impact.”
“NDF is proud to be among H2R partners – we applaud for achieving the milestone of launching H2R Amplify. Our innovative $10.5 million grant will help incentivise off-grid solar companies to bring affordable energy to the lowest-income customers in underserved markets and create positive impacts on gender, inclusion, adaptation, and resilience. With H2R now fully operational, we look forward to transforming lives in sub-Saharan Africa in cooperation with our like-minded investors,” says Satu Santala, Managing Director of the Nordic Development Fund.
These partners build on the foundation laid by H2R Catalyze funders, including the Green Climate Fund, the Norwegian Agency for Development Cooperation (Norad), Global Energy Alliance for People and Planet (GEAPP), Osprey Foundation, the UK government via the Transforming Energy Access platform, Cazenove Capital, Good Energies, and several individual philanthropists and high-net-worth supporters. Together, this coalition represents a unique alignment of philanthropic, development, and commercial capital, working in concert to solve one of the most pressing challenges of our time.
“Clean energy is the cornerstone of inclusive economic growth and climate resilience. We are proud to be working with Acumen’s Hardest-to-Reach Initiative, helping mobilize public, private, and philanthropic capital to scale energy access in underserved markets. This is a bold move to unlock opportunity for millions across sub-Saharan Africa,” said Carol Koech, VP, Africa, Global Energy Alliance for People and Planet.
Early progress and market traction
H2R Catalyze has already deployed over $10 million, backing seven pioneering companies, including:
- Yellow Malawi ($2 million): Local currency financing addressing FX devaluation and convertibility issues to finance pay-as-you-go solar in Malawi.
- RDG Collective via BioLite ($1.25 million): Impact-indexed loan to scale clean lighting access in Zambia through a locally driven last-mile distribution model.
- KIMS Microfinance ($1 million): A Sharia-compliant debt investment with technical assistance and grant support, structured with tranched disbursements and tailored repayment schedules to match the company’s growth curve, enabling KIMS to expand access to energy financing in Somalia.
In addition, H2R has provided targeted technical assistance grants to strengthen companies’ capacity and expand local energy ecosystems.
With funding secured, Acumen is now sourcing new investment opportunities, prioritizing solutions that expand affordability, unlock underserved markets, and move millions up the energy ladder.
To learn more, visit Hardest-to-Reach.
About Acumen
Acumen is a global impact investor focused on tackling poverty by backing entrepreneurs and innovators in underserved markets. Founded in 2001 by Jacqueline Novogratz, Acumen uses patient capital and moral imagination to build sustainable businesses that serve the poor. It has improved more than 500 million lives and continues to push the frontier of how capital can serve long-term social change.
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