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The International Finance Corporation (IFC) has committed up to $25 million to Acumen’s Hardest-to-Reach (H2R) Fund. he H2R Fund, which targets the electrification of 72 million people over the next ten years and aims to prevent the release of 5 million tonnes of CO2 emissions, is structured into three equity tranches each worth $60 million.
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- The Cable
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The PREO programme has committed £2.2 million to support 14 companies across sub-Saharan Africa. Selected from over 240 applications spanning 29 countries, each company will receive between £86,000 and £237,000 over one to two years, along with technical support.
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- USAID
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Power Africa is awarding grants of $250,000 to Simusolar (US) and SureChill (UK) to distribute solar-powered irrigation and refrigeration solutions to underserved regions in Kenya, Tanzania, and Uganda to boost productive use of energy.
- The World Bank
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- Techpoint Africa
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Equator Africa, a venture capital firm, has closed an additional $5 million from the International Financial Corporation (IFC) to support businesses and innovation in the African climate sector. This comes after securing an initial close of $40 million in April 2023 to bridge the persistent funding gap for climate tech startups.
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- Business Daily
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M-Kopa has revealed a Sh5.22 billion cost of tracing defaulters, reflecting the challenge of sustaining its pay-as-you-go service model. The company successfully lobbied a tax tribunal to allow it to write off the millions on grounds that it would require 16 times the deafulted credit to recover it.
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- BusinessPost
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This marks its first-ever investment in a venture capital fund entirely focused on supporting businesses and innovation in the climate sector. Equator Africa is backing early-stage, tech-enabled companies in sub-Saharan Africa, including those working on green solutions in the energy, agriculture, and mobility sectors.
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- The Business Times
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French energy giant TotalEnergies has announced plans to increase its oil and gas production until 2030, as it seeks to reassure investors about its fundamentals.
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