- COMESA launches a $25 million Project Preparation Facility under ASCENT, targeting the gap between early-stage ideas and bankable energy projects.
- The broader ASCENT programme aims to deliver electricity to 100 million people, mobilising up to $15 billion for clean energy access across Eastern and Southern Africa.
The Common Market for Eastern and Southern Africa (COMESA) has launched a $25 million Project Preparation Facility (PPF) under its ASCENT programme. This was at the ARE Energy Access Investment Forum 2026 in Nairobi. The initiative, funded by the World Bank, aims to close the gap between early-stage energy concepts and investment-ready projects.
The PPF forms a core component of the ASCENT programme, a multi-billion-dollar regional initiative with a base financing of $5 billion and potential to scale up to $15 billion. The programme targets electricity access for 100 million people, particularly in underserved and rural communities across Eastern and Southern Africa.
Mohamed Kadah described the facility as a decisive intervention to unlock project development bottlenecks. He noted that many viable energy projects fail to secure funding due to weak technical structuring, limited financial modelling, and lack of transaction readiness.
To address this, the PPF will support feasibility studies, financial structuring, risk analysis, and project design. As a result, it will build a strong pipeline of bankable projects that meet the standards of development finance institutions and commercial investors.
ASCENT focuses on distributed renewable energy systems (DREs) and clean cooking solutions, which are critical for expanding access in areas where grid extension remains slow or uneconomical. The programme also operates through a regional coordination model led by COMESA, alongside national-level implementation by participating countries.
In addition, the initiative prioritises support for International Development Association-eligible countries, enabling grant-based financing for some of the region’s most vulnerable economies. It also promotes mini-grids, standalone solar systems, and clean cooking technologies to reduce reliance on traditional biomass.
Cygnum Capital will manage the PPF, overseeing project pipeline development and providing technical and financial advisory services.
Beyond improving electricity access, ASCENT aims to stimulate productive energy use in agriculture, industry, and commerce. This approach will drive economic growth, create jobs, and enhance livelihoods across the region.
COMESA expects the PPF to accelerate the conversion of project ideas into viable investments, marking a critical step toward scaling energy access and advancing the clean energy transition in Sub-Saharan Africa.