AECF launches US$1.2m Innovation Fund for renewable energy business opportunities

AFRICA – The African Enterprise Challenge Fund (AECF), has launched a US$1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities. The fund is aimed at strengthening market readiness of emerging innovations, as well as secure financial, technical, and networking support for taking existing proven prototypes to scale. Businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique, and Zimbabwe can apply for funding. The fund will also aim to find solutions that reduce the negative impacts associated with the use of traditional…

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Clean energy businesses in Somalia secure US$8.5m grant from AECF

SOMALIA – Africa Enterprise Challenge Fund (AECF) has unveiled a US$ 8.5 million grant facility to support clean energy businesses – adoption and diversification of renewable energy in Somalia. The grant is a component of the REACT Sub-Saharan program which is aimed at reducing poverty by increasing the use of renewable energy by off-grid households. The World Bank Sustainable Development Goals tracking report estimates that 11 million Somalis lack access to electricity services, with a mere 3% having access to clean cooking. “We will work with businesses at different developmental…

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Africa Enterprise Challenge Fund unveils results-based financing program for clean energy firms

KENYA – The Africa Enterprise Challenge Fund (AECF) has launched a Results Based Financing Programme aimed at unlocking new markets for clean energy companies in Kenya. The US$ 4 million programme will support commercially viable companies establish new markets and accelerate access to clean energy for 87,000 unserved and underserved households in Kenya. Companies will be awarded funding of up to US$ 500,000 at contracting, with a flexible reallocation system to allow companies that exceed their milestone targets to increase their funding cap to US$1 million. “Off-grid energy sector continues…

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AECF appoints Victoria Sabula as permanent CEO after serving as interim

AFRICA – The Africa Enterprise Challenge Fund (AECF), development institution, has announced the appointment of Victoria Sabula, a Kenyan, as its permanent Chief Executive Officer following her appointment as Interim Chief Executive Officer in August 2019. “On behalf of the Board, I am delighted to confirm that Victoria Sabula has been appointed AECF’s Chief Executive Officer.  This decision follows a rigorous recruitment process conducted with an international consulting firm where Victoria rose to the top of a very strong field of candidates.” Hixonia Nyasulu, Board Chair said: “Victoria impressed the…

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