EEP Africa Annual Report 2023 Published

During the year, EEP Africa Trust Fund launched its first call for proposals since 2020, saw a successful completion of 15 projects, and welcomed Norwegian Agency for Development Cooperation as a new donor. The results for the year show 113,300 people with enhanced energy access, 1,800 direct jobs created and EUR 13.6 million in mobilised climate finance.

In the Annual Report 2023 you will find highlights of the fund activities, impact stories from our grantees, and a presentation of the new portfolio. After two years without an open call for proposals (CfP), the CfP 2023 received more than 400 eligible applications for grant and renewable grant funding. A total of EUR 13.6 million was approved by the Investment Committee for 32 clean energy companies in 11 countries in Eastern and Southern Africa. The new cohort will start its implementation in 2024. Furthermore, 15 projects from the active portfolio completed their implementation leaving 22 projects to continue into 2024.

During the year, a number of results were achieved by the portfolio grantees. These include 1,800 direct jobs created, 113,300 people with enhanced energy access, and EUR 13.6 million in mobilised climate finance. Some of the grantees were also recognised with awards for their work in the sector.

Yearly, EEP Africa recognises outstanding achievements and inspiring youth within the portfolio. In February 2023, the 2022 Projects of the Year and the Rising Energy Leader were announced and celebrated. The Project of the Year was awarded to Baridi in the Start-Up category, and Sokofresh in the Scale-Up category. Precious Vuma, the Business Development and Marketing Manager at Powerlive, was recognised as Rising Energy Leader of the year.

In October last year, EEP Africa welcomed Norway, represented by the Norwegian Agency for Development Cooperation (Norad), as a new donor raising the combined commitments to the Fund to EUR 88,6 million. Earlier in 2023, the Ministry for Foreign Affairs of Finland increased its contribution by an additional EUR 9.5 million, which increased Finland’s share to EUR 30.4 million, making it the biggest donor of the Fund. The successful fundraising will enable the continuation of EEP Africa’s annual call for proposals in the next few years.

Read more about our activities in the EEP Africa Trust Fund Annual Report 2023.

EEP Africa