British International Investment (BII), the UK’s development finance institution, has committed $20 million to Acumen’s Hardest-to-Reach (H2R) Initiative to accelerate access to affordable, reliable, and clean energy in Africa’s most underserved regions.
This capital is directed towards H2R Amplify, the initiative’s debt-focused vehicle, which provides crucial financing to established off-grid solar companies operating in frontier economies where national electrification rates are as low as 12%. The financing model—which includes impact-linked loans and receivables-backed financing—is designed to help these companies manage working capital as they scale their operations.
The commitment from BII is expected to have a massive impact, potentially reaching more than 50 million individuals, with 40 million gaining first-time access to clean energy products. Furthermore, the displacement of polluting fuels like kerosene is projected to mitigate over three million tonnes of CO2-equivalent.
H2R Amplify has already secured $123 million at its first close. It uses a tiered blended financing model with risk protection and enhanced returns to attract commercial investment into markets typically overlooked by traditional investors.
Chris Chijiutomi, BII Africa MD and Head, underscored the institution’s focus on challenging markets. “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,” he said, adding that the initiative will specifically aim to create economic opportunities for women who disproportionately bear the burden of energy poverty.
The initiative’s investment focus spans 17 countries, including the Democratic Republic of Congo, Malawi, Mozambique, Niger, and Zambia. By supporting this blended finance model, the UK is actively contributing to the goal of universal energy access by 2030, transforming lives by providing resilience, agency, and dignity along with light and power.
