A power line.PHOTO; Courtesy
Millions of people across sub-Saharan Africa could gain access to clean and affordable energy following Acumen’s successful $250 million raise for its Hardest-to-Reach Initiative (H2R), a blended social investment effort designed to bring energy to underserved and high-risk communities where traditional capital has struggled to operate.
The funding includes the final close of H2R Amplify, the initiative’s scale-focused debt fund, at $180 million, alongside $18 million in complementary grant capital to provide impact-based rewards to borrowers.
The final close was supported by a new $7.8 million commitment from the Swiss Agency for Development and Cooperation (SDC), helping the initiative reach its target.
Launched at COP28 and anchored by the Green Climate Fund, H2R is Acumen’s most ambitious energy effort to date.
The initiative aims to reach nearly 70 million people across sub-Saharan Africa, including 50 million first-time energy users in 17 countries such as Malawi, Zambia, and Somalia, through a blended finance approach combining patient capital and debt instruments structured for social impact.
“The commitment from SDC and the full close of Amplify mark an important moment for Hardest-to-Reach,” said Jiwoo Choi, Chief of Strategic Initiatives and Head of the Hardest-to-Reach Initiative at Acumen.
“Over the past two years, we brought together partners who aligned behind one goal: to unlock energy access to the most remote and vulnerable areas. Moving from an announced strategy to fully committed capital gives us the foundation to carry this work forward with clarity and purpose.”
Swiss Agency for Development and Cooperation Joins H2R Amplify
SDC’s participation helped unlock the fund’s final close and reflects the agency’s long-standing commitment to expanding access to affordable, reliable energy, strengthening resilience in fragile contexts, and supporting inclusive economic development for vulnerable populations.
“Expanding access to clean and affordable energy is central to SDC’s priorities for climate and development cooperation. H2R aligns perfectly with our commitment to supporting local development, thereby shifting the narrative from a grant to an investment logic,” Christian Frutiger, Head of Thematic Cooperation and Vice-Director at the Swiss Agency for Development and Cooperation.
A Coalition Built for High-Risk and Underserved Markets
H2R brings together a coalition of philanthropic, development, and commercial investors focused on solving structural gaps in access to clean energy across sub-Saharan Africa.
Catalyze, the patient capital and market-building facility, is supported by the Green Climate Fund, 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 Foundation, and individual philanthropists.
Amplify’s debt investors include the Green Climate Fund, International Finance Corporation, Shinhan Bank, British International Investment, Soros Economic Development Fund, Nordic Development Fund, Signify Foundation, ImpactAssets, and now SDC at the final close.
This structure ensures that last-mile energy access is approached with both investment discipline and social impact focus, enabling capital to flow where it is most difficult to operate while sustaining long-term market development.
Fully Capitalized and Ready to Scale
The final close builds on H2R’s first close in September and positions the initiative to deepen partnerships with local enterprises, strengthen energy ecosystems, and accelerate access for first-time energy users.
The initiative was recently recognized by the African Solar Industry Association, which named H2R the 2025 Deal of the Year at its awards ceremony in Accra, Ghana.
With its blended social investment approach, H2R now has the financial foundation to expand clean, affordable, and distributed energy solutions to millions across sub-Saharan Africa, bridging persistent gaps where traditional financing has failed.
About Acumen
Acumen is a global impact investor dedicated to building markets that solve poverty and deliver critical services to underserved populations.
Founded in 2001, the organization deploys patient capital, equity, and debt, alongside advisory support, to scale enterprises that provide affordable, essential goods and services in sectors such as energy, health, education, and agriculture.
Operating across Africa, South Asia, and Latin America, Acumen focuses on social investment with measurable impact, deliberately targeting communities and markets where traditional capital struggles to reach.
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