UK impact investor British International Investment (BII) has committed $20-million to Acumen’s Hardest-to-Reach (H2R) initiative to expand energy access in frontier African economies.
Through the initiative’s debt-focused vehicle, H2R Amplify, BII says its investment will help expand access to affordable, reliable, and clean energy in regions where nearly 600-million people still lack access to electricity and women bear the disproportionate burden of energy poverty.
As part of H2R’s dual-vehicle structure, H2R Amplify will deploy innovative financing to established off-grid solar companies in the most underserved countries in sub-Saharan Africa, accelerating energy access where national electrification rates range from just 59% to as low as 12%. It will offer impact-linked loans and receivables backed financing to help solar companies manage working capital as they scale. H2R Catalyze, the initiative’s patient capital arm, has raised $57-million since 2023 and is already investing in early-stage companies.
H2R Amplify, which was originally developed by Acumen with UK research and innovation support via the Transforming Energy Access (TEA) platform, has now secured $123-million in commitments at first close. It is structured to attract commercial investment by offering risk protection and enhanced returns through a tiered blended financing model. By offering this blend of financing, it delivers a scalable model that helps solar companies expand into and grow within lower-income countries that are currently underserved or overlooked by traditional investors.
With BII’s support, H2R Amplify is expected to reach more than 50-million individuals – including 40-million gaining first-time access to clean energy products. It is also expected to mitigate over 3-million tonnes of CO₂e by displacing highly polluting fuels such as kerosene.
“With nearly 600-million people in Africa still lacking access to energy, we’re focussed on investing in inclusive energy solutions, to close this gap,” says Chris Chijiutomi, MD and head of Africa at BII. “This partnership reflects BII’s commitment to backing investments in the most challenging markets and where our capital can have the greatest impact. We also recognise that women bear the disproportionate burden of energy poverty and so 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, adds: “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.”