Acumen and Jacqueline Novogratz Raise $300M for Off-Grid Solar in Africa

Acumen, under the leadership of CEO Jacqueline Novogratz, has successfully raised $300 million for its "Hardest-to-Reach" Initiative, according to Forbes. This fund is dedicated to electrifying 70 million individuals in sub-Saharan Africa, primarily through off-grid solar energy solutions. The initiative utilizes a dual investment strategy. H2R Amplify receives $200 million to provide growth capital via social impact-linked loans. The remaining $60 million is allocated to H2R Catalyze, a market-building facility that employs a combination of equity, debt, grants, and technical support. Acumen has already deployed capital through the initiative, investing $2 million in Yellow, a Malawian solar startup, and $1.25 million in RDG Collective, a Zambian home-solar provider. This fundraising achievement underscores a substantial commitment to expanding energy access in underserved communities through strategic impact investing.