African Enterprise Challenge Fund (AECF) has launched a $1.2 million innovation fund to create new business opportunities in Africa in the renewable energy space. This fund targets supporting market readiness of emerging innovations. It will also help secure financial, technical, and networking support for taking existing proven prototypes to scale. The fund’s investments in technologies aim to meet market needs as well as accelerate the development of existing solutions to better serve African communities.
Entities eligible for funding will be those using renewable energy and are located in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique, and Zimbabwe. In their applications, businesses and entrepreneurs are required to demonstrate how their proposed innovations will transform the livelihoods of low-income households through the creation of jobs and diversification of livelihoods. The last date for applications is April 29, 2021.
The Innovation Fund is in line with AECFs Renewable Energy and Adaptation to Climate Technologies (REACT) initiative to support the private sector develop and expand its clean energy technologies to Africa’s rural communities. Access to low-cost funding for solar projects is a critical requirement to accelerate the uptake of solar power in Africa. A clear and healthy growth trajectory is only possible with a supportive framework and sufficient funding flows.