- 250 million dollars in blended capital secured to expand energy access across 17 African markets.
- Nearly 70 million people targeted, including 50 million first time users in fragile and remote regions.
- Final close includes 7.8 million dollars commitment from Switzerland’s SDC to H2R’s debt fund, H2R Amplify.
Acumen has secured the full 250 million dollars for its Hardest to Reach Initiative, a blended finance platform designed to deliver clean and affordable distributed energy to underserved regions across sub Saharan Africa. The raise brings the initiative to its target, capping a two year effort anchored by the Green Climate Fund and launched publicly at COP28.
The platform combines a patient capital facility, Catalyze, with a dedicated debt vehicle, H2R Amplify. Together they aim to finance distributed power solutions for households and small enterprises in some of the continent’s most challenging geographies, including Malawi, Zambia and Somalia. Acumen estimates the initiative will reach nearly 70 million people, including 50 million gaining modern energy access for the first time in markets where traditional capital has struggled to operate.
Debt Vehicle Completes Final Close
The latest milestone centers on the final close of H2R Amplify at 180 million dollars. The close was supported by a new 7.8 million dollars commitment from the Swiss Agency for Development and Cooperation, alongside 18 million dollars in complementary grant capital intended to provide impact based rewards to borrowers and help reduce effective financing costs at the last mile.
“The commitment from SDC and the full close of Amplify mark an important moment for Hardest to Reach,” said Jiwoo Choi, Chief of Strategic Initiatives and Head of the Hardest to Reach Initiative at Acumen. “Over the past two years, we brought together partners who aligned behind one goal: to unlock energy access to the most remote and vulnerable areas. Moving from an announced strategy to fully committed capital gives us the foundation to carry this work forward with clarity and purpose.”
For development finance actors, the structure matters. Amplify deploys scale focused debt while Catalyze absorbs high uncertainty in frontier markets through patient, market building capital. The aim is to correct what Acumen describes as structural gaps in energy access finance.
Switzerland Joins the Coalition
SDC’s participation was instrumental in securing the fund’s final close and reflects Switzerland’s priorities in climate and development cooperation, particularly in fragile contexts where energy insecurity amplifies vulnerability.
“We are pleased to join Acumen in the coalition of funders backing the Hardest to Reach Initiative and playing a catalytic role towards the final close,” said Christian Frutiger, Head of Thematic Cooperation and Vice Director at the Swiss Agency for Development and Cooperation. “Expanding access to clean and affordable energy is central to SDC’s priorities for climate and development cooperation. H2R aligns perfectly with our commitment to strengthening resilience, supporting local development and fostering clean energy access through market forces in regions that are often overlooked, thereby shifting the narrative from a grant to an investment logic.”
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Blended Coalition Targets Fragile Markets
The initiative draws together philanthropic, development and commercial actors in an effort to price risk in markets that have historically lacked access to scalable finance. Catalyze partners include the Green Climate Fund, Norway’s Norad, the Global Energy Alliance for People and Planet, Osprey Foundation, the UK government via the Transforming Energy Access platform, Cazenove Capital, Good Energies Foundation and individual philanthropists.
Amplify investors include the Green Climate Fund, International Finance Corporation, Shinhan Bank, British International Investment, Soros Economic Development Fund, Nordic Development Fund, Signify Foundation and ImpactAssets. SDC joins at final close.
Energy Access, Development and The C Suite Takeaway
Energy access remains a cornerstone of development and a prerequisite for productivity and enterprise formation. For investors, multilateral institutions and corporates with net zero frameworks, distributed generation in Africa represents both a development imperative and an emerging climate opportunity.
H2R was recently named the African Solar Industry Association’s 2025 Deal of the Year at a ceremony in Accra, highlighting rising market attention to the role of blended finance in difficult contexts. The recognition follows Acumen’s September announcement of Amplify’s first close and adds momentum as implementation accelerates.
With the platform now fully capitalized, Acumen plans to expand work with local enterprises, deepen ecosystem capacity and push toward its goal of reaching millions of first time energy users. The thesis is that reaching last mile consumers in high risk markets requires capital structured for complexity, local conditions and sustained partnerships rather than conventional lending models.
For global finance and climate actors, the initiative presents a case study in how development capital, concessional instruments and commercial money can be combined to pursue climate and inclusion objectives simultaneously. The broader relevance extends beyond energy. It speaks to how climate finance will need to evolve if it is to reach the world’s most vulnerable populations while preserving investability and scale.
The regional implications are significant. Sub Saharan Africa continues to face some of the world’s highest energy access deficits despite rapid innovation in distributed solar and productive use technologies. As electrification ambitions accelerate and national governments look to balance climate commitments with economic inclusion, models that blend public and private capital are likely to draw increasing interest.
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