British International Investment (BII) has pledged $20 million to support Acumen’s Hardest-to-Reach (H2R) Initiative, a program designed to expand access to affordable and reliable energy in underserved regions across Africa. This funding will be channeled through H2R Amplify, the initiative’s debt-focused financing arm, which provides impact-linked loans and receivables financing to off-grid solar energy companies.
The H2R Initiative operates through two complementary vehicles:
- H2R Amplify: Focused on scaling established solar enterprises in frontier markets, it aims to attract commercial capital by offering risk mitigation and enhanced returns through a tiered blended finance structure. The vehicle has already secured $123 million at its first close.
- H2R Catalyze: Dedicated to supporting early-stage ventures with patient capital, this arm has raised $57 million since its launch in 2023 and has begun deploying funds to promising startups.
Chris Chijiutomi, Managing Director and Head of Africa at BII, emphasized the importance of inclusive energy investments:
With nearly 600 million people in Africa still lacking access to energy, we’re focused on investing in inclusive energy solutions to close this gap. This partnership reflects BII’s commitment to backing investments in the most challenging markets, where our capital can have the greatest impact. We also recognise that women bear the disproportionate burden of energy poverty, and we’re pleased that H2R Amplify will seek to create economic opportunities for women through its off-grid solar investments.
Jacqueline Novogratz, Founder and CEO of Acumen, echoed the sentiment:
BII’s partnership reflects a shared commitment to solving energy poverty in the hardest-to-reach markets. By expanding access to clean energy for millions of households and businesses, this initiative holds the promise to provide resilience, agency, and dignity, along with light and power. BII’s investment shows how public and private institutions can mobilise the right kind of capital to build markets that endure and unlock human potential.
This strategic collaboration between BII and Acumen marks a significant step toward addressing energy poverty in Africa, particularly in regions where traditional infrastructure is lacking and commercial investment is scarce.
