The Energy Access Relief Fund, a first of its kind fund, has been launched to target energy access companies working in sub-Saharan Africa and Asia.
The Energy Access Relief Fund, which will be managed by Social Investment Managers and Advisors (SIMA), will provide relief capital in the form of short-term, low-interest loans to an estimated 90 energy access companies in sub-Saharan Africa and Asia who are still struggling with the disruptions wrought by the COVID-19 pandemic.
The companies being targeted are ones which operate in the solar home system, solar lanterns, solar-powered productive appliances, minigrid and clean cooking space.
Jacquiline Novogratz, Acumen CEO/founder: “Access to clean, reliable and affordable energy is essential in lifting communities out poverty. We could see that the pandemic was adversely impacting those who were most vulnerable and that we needed to take action. We couldn’t do it alone – it would take all of us. The launch of the EARF illustrates the power of partnerships and moral imagination in a time of crises.”
The Fund has a first close of $68million and a target of more than $80million. The EAFT is the culmination of a partnerships convened by Acumen and it includes CDC Group, US International Development Finance Corporation (DFC), FMO, Green Climate Fund (GCF), Shell Foundation, IKEA Foundation, The Rockefeller Foundation, World Bank, International Finance Corporation (IFC), Swedish International Development Cooperation Agency (SIDA), Swiss Agency for Development and Cooperation (SDC), the UK Foreign, Commonwealth and Development Office (FCDO), USAID and Power Africa.
Click on the link below for full report