The Green Climate Fund (GCF) and Acumen Fund today signed a Funded Activity Agreement (FAA) enabling the disbursement of funds to implement the first approved project proposal from Acumen (a private sector accredited entity), making it the first GCF project to move to this stage. The signing of the FAA will allow Acumen to receive GCF financial resources to invest in companies along the off-grid energy value chain to drive access to off-grid solar power in East Africa for low income consumers.

The project proposes to provide solar technologies to rural, off-grid communities initially in Rwanda and Kenya, with possible expansion to Uganda at a later stage, not only meeting the objectives of the UNFCCC but also serving SE4ALL (Sustainable Energy For All) objectives under the Sustainable Development Goals of the United Nations. The GCF Board agreed to provide USD 25 million of the Fund’s resources to this program as part of its initial investment decisions, taken at the end of 2015.   

Read the full GCF article here.

Photo credit: Momentum for Change