British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $20 million commitment to Acumen’s Hardest-to-Reach (H2R) Initiative. Through the initiative’s debt-focussed vehicle, H2R Amplify, our investment will help expand access to affordable, reliable, and clean energy in frontier economies in Africa – 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 per cent. 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 has 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.
H2R Amplify is 2X Challenge-qualified, reflecting a strong commitment to advancing gender equality including through increased opportunities for women customers and employees in the off-grid solar sector. Acumen will further support this commitment through Gender Action Plans at portfolio companies and gender-focused technical assistance, to help improve gender inclusive practices and the collection of gender data to track progress.
This investment underscores BII’s commitment to addressing economic inequality and catalysing private sector growth in Africa’s most fragile and underserved regions which often struggle to attract commercial capital. This is further demonstrated through the Africa Resilience Investment Accelerator (ARIA), a platform created by BII to work with development partners to de-risk investments and unlock opportunities in fragile and conflict-affected countries.
Rachel Kyte, UK Special Representative for Climate said: “Being able to access reliable and affordable electricity transforms lives. The UK is working with African leaders, African entrepreneurs, and the energy and finance communities to realise the goal of universal access by 2030. With the support of the UK and other donors Acumen’s Fund will extend clean power to more than 50 million people – unlocking prosperity and driving forward the green energy transition across Africa.”
Chris Chijiutomi, MD and Head of Africa at BII, commented: “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. 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 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, added: “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.”
H2R Amplify will invest in projects in Benin, Burkina Faso, Burundi, Chad, the Democratic Republic of Congo, Guinea, Guinea-Bissau, Lesotho, Liberia, Malawi, Mozambique, Niger, Sierra Leone, Somalia, Togo, Uganda and Zambia.
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For media inquiries, please contact:
BII: Paschorina Mortty I press@bii.co.uk
Acumen: Alex Davis I alexd@acumen.org
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 70 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
About the Hardest-to-Reach Initiative Acumen’s
Hardest-to-Reach Initiative is unlocking clean energy in Africa’s most underserved markets, with $246.5 million committed to date toward a 10-year strategy spanning 17 countries. Through a dual-vehicle structure—H2R Catalyze and H2R Amplify—the initiative invests in solar distributors, manufacturers, and innovators to deliver first-time access, scale proven solutions, and build inclusive energy markets. H2R aims to electrify 70 million people and avoid 5 million tons of carbon emissions.
About Acumen
Acumen is a global impact investor tackling poverty by backing entrepreneurs and innovators in underserved markets. Founded by Jacqueline Novogratz in 2001, Acumen uses patient capital and moral imagination to build sustainable businesses. It has improved more than 500 million lives and continues to push the frontier of how capital can serve long-term social change. Learn more at acumen.org.
About Transforming Energy Access (TEA)
TEA is the flagship Foreign, Commonwealth and Development Office (FCDO) research and innovation platform supporting early-stage testing and scale-up of innovative technologies and business models that accelerate access to affordable, clean energy for poor households, enterprises and, and social institutions in developing countries across sub-Saharan Africa, South Asia, and the Indo-Pacific.
