- Clean energy companies can receive up to $1 million in financing for clean energy projects in Kenya.
- The fund that is financed by the Swedish International Development Authority (Sida) is part of the $61 million larger SubSaharan Africa project to support clean energy development.
- Deadline for application for interested companies is the 26th of January.
REACT Sub-Saharan Africa Programme calls for application for clean energy companies in Kenya under a Results-Based Financing (RBF) scheme. This funding aims to drive clean energy expansion across the country. Additional financial incentives will be given to companies that reach the poorest households. While the maximum award per company at the time of contracting is US$500,000, a flexible reallocation system will allow companies that exceed their milestone targets obtain increases of up to US$1 million.
The REACT Kenya Results-Based Financing program (REACT RBF) is part of the larger REACT Sub-Saharan Africa (REACT SSA) programme, a $61 million project financed by the Swedish International Development Authority (Sida) to support clean energy development in 8 countries in Sub-Saharan Africa (SSA).
AECF Africa will manage the fund. The AECF is a development institution launched in 2008 that supports businesses to innovate, create jobs, leverage investments and markets to create resilience and sustainable incomes in rural and marginalized communities in Africa. The AECF has mobilized over $356 million to date, leveraging more than $658 million in matching capital and improving the lives of more than 16 million people in 2017 alone through jobs and increased household incomes.
AECF is a leader supporting the scaling up of renewable energy companies in Kenya to reach off-grid communities and a substantial increase in clean energy access for poor households.
The REACT RBF is a US$ 4 million fund that aims to support:
- Transformational business models adapt to target markets to accelerate access to low cost, clean energy, i.e. cleaner fuels, cookstoves, and alternatives to grid power.
- Commercially viable companies and markets.
- Innovative ideas that stimulate next-generation approaches in the renewable energy sector.
The program is expected to run from July 2021 to 2023 and reach 87,000 households.
Deadline for applications is the 26th January 2021.
Interested applicants can check the eligibility criteria at AECF Africa’s Website