- The Africa Enterprise Challenge Fund (AECF) has launched a US$ 4 million Financing Programme to unlock new markets for clean energy companies in Kenya.
- The result-based programme aims to support commercially viable companies establish new markets and accelerate access to clean energy for 87,000 unserved and underserved households in Kenya.
The Africa Enterprise Challenge Fund (AECF) has launched a US$ 4 million Financing Programme to unlock new markets for clean energy companies in Kenya. The result based programme aims to support commercially viable companies establish new markets and accelerate access to clean energy for 87,000 unserved and underserved households in Kenya. AECF will fund up to US$ 500,000 to Companies with a flexible reallocation system to allow companies that exceed their milestone targets to increase their funding cap to US$1 million.
The programme is funded by the Swedish International Development Authority (Sida). The RBF projects are expected to be implemented over a 2.5-year period running from July 2021 to December 2023.
Speaking about the initiative, Victoria Sabula, Chief Executive Officer of AECF remarked that investment in the off-grid energy sector is imperative to make notable progress in improving access to affordable and clean energy. The REACT RBF programme seeks to provide results-based incentives for companies that are increasing access to energy for unserved and underserved communities. Energy access is critical for a sustainable post-COVID-19 recovery and REACT RBF will support companies to withstand the Covid-19 effects and also recover.
