Global impact investor Acumen has secured its $250 million target for the Hardest-to-Reach (H2R) Initiative, a major effort to expand clean energy in sub-Saharan Africa. This milestone was achieved with the final $180 million close of its H2R Amplify debt fund. The initiative aims to deliver clean, affordable power to millions in underserved communities for the first time.
A Two-Pronged Strategy for Market Transformation
Launched at COP28, the H2R initiative is Acumen's most ambitious energy project, targeting nearly 70 million people across 17 countries. A significant portion, 50 million, are expected to be first-time energy users in regions often bypassed by traditional investment. The program focuses on markets like Malawi, Zambia, and Somalia, where energy poverty is most acute.
The initiative's structure combines two distinct financial vehicles to address different market needs. Its market-building facility, Catalyze, provides patient capital to nurture early-stage enterprises. The newly closed $180 million H2R Amplify debt fund provides scale-up capital for proven business models to expand their reach and impact.
Swiss Commitment Catalyzes Final Close
The final fundraising push was concluded thanks to a new $7.8 million commitment from the Swiss Agency for Development and Cooperation (SDC). This crucial investment helped H2R Amplify reach its target and unlocked $18 million in complementary grant capital. This funding will provide impact-based rewards to borrowers, incentivizing deep market penetration.
Christian Frutiger, Vice-Director at SDC, stated that the initiative aligns perfectly with the agency's priorities for climate and development cooperation. He emphasized strengthening resilience and fostering clean energy access through market-based solutions in overlooked regions. This partnership reflects a shared commitment to shifting from grant-making to a sustainable investment logic.
Building a Global Coalition for Impact
The success of the H2R Initiative is built upon a diverse coalition of philanthropic, development, and commercial institutions. Anchored by the Green Climate Fund, the initiative has attracted supporters committed to solving structural gaps in energy access. This blended finance approach is critical for de-risking investments and mobilizing capital for challenging markets.
Investors in the Amplify debt fund include prominent organizations such as the International Finance Corporation and British International Investment. The Catalyze facility is backed by partners like the Norwegian Agency for Development Cooperation. This broad support underscores the global consensus on the need for innovative financing to achieve universal energy access.
Poised for Action and Industry Recognition
With its funding goals met, the H2R initiative is fully capitalized and prepared to advance its mission on the ground. Jiwoo Choi, who heads the initiative at Acumen, noted the importance of moving from an announced strategy to fully committed capital. This provides the team with the foundation to execute its work with clarity and purpose.
The initiative's innovative approach has already garnered industry recognition, having been named the 2025 Deal of the Year by the African Solar Industry Association. This award reinforces the premise that reaching high-risk markets requires capital structured for complexity. The platform is now operational to deepen its work with enterprises and strengthen local energy ecosystems.
The successful $250 million capitalization of Acumen's Hardest-to-Reach Initiative marks a pivotal moment in the fight against energy poverty. By blending capital and building a powerful coalition, the initiative is positioned to unlock clean energy for millions. This effort promises to illuminate homes, power small businesses, and foster sustainable development in Africa's most remote communities.