Our investment
Description of the investment.
Description of the investment.
We committed USD 20 million to the Acumen Hardest-to-Reach Market Expansion Fund, a blended-finance credit vehicle designed to expand access to clean energy in underserved markets. The fund is managed by Acumen Capital Partners and provides impact-indexed loans and receivables financing to off-grid solar companies operating in 16 of Sub-Saharan Africa’s hardest-to-reach countries.
Our investment will help expand access to affordable, reliable, and clean energy for households and businesses in 16 countries with some of the lowest electricity access rates globally. By supporting the scale-up of solar home systems and off-grid solutions, the fund aims to reduce reliance on polluting fuels, improve living standards, and contribute to climate change mitigation.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
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How?
| Primary | Secondary |
|---|---|
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Direct: The fund will provide impact-indexed loans and receivables financing to off-grid solar companies in 16 hardest-to-reach countries, enabling energy access and reducing emissions by increasing the supply of clean power. |
Catalysing markets: Demonstrate the commercial viability of solar home systems and off-grid solutions in underserved markets with very low electricity access rates. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Consumers |
Benin, Burkina Faso, Burundi, Chad, DRC, Guinea, Guinea-Bissau, Lesotho, Malawi, Mozambique, Niger, Sierra Leone, Somalia, Togo, Uganda, Zambia |
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| Planet |
Global |
n/a |
How much?
| Scale | Depth/Duration |
|---|---|
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75% of proceeds are expected to enable first time energy access to consumers. |
Contribution/additionality
| Contribution/additionality |
|---|
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Our contribution is driven by financial additionality where we are confident that DFI capital is needed to anchor the H2R Fund in order to reach a minimum viable size. Commercial appetite for early-stage off-grid solar remains limited and DFI capital is critical to continue de-risking the sector. |
Risk
Execution RiskThe fund’s ability to reach final close and deploy capital effectively across 16 high-need markets. Unexpected Impact RiskFailure of underlying business models in target markets due to affordability constraints, which could create a negative demonstration effect. Stakeholder Participation RiskRisk of over-indebtedness or unfair practices toward vulnerable customers if consumer protection standards are not enforced. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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10 |
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We collaborated with the IFC to develop an ESAP focused on ensuring the Fund Manager updates their Exclusion List, enhances their ESMS, develops a contextual risk assessment framework and supply chain risk management procedures. Additional items include updating human resources policies and procedures related to safeguarding.
Environmental and social risk
Medium-Low
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- First published
:
When the investment was first published on the website database.
- December 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6364
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Benin, Burkina Faso, Burundi, Chad, Democratic Republic of Congo, Guinea, Guinea-Bissau, Lesotho, Malawi, Mozambique, Niger, Sierra Leone, Somalia, Togo, Uganda, Zambia
- Investment policy :
- Catalyst
- Investment type :
- Fund
- Start date :
- September 2025
- Amount :
- $20m
- Currency of investment :
- USD
- Fund manager:
- Acumen H2R Expansion Investments Limited
- Domicile
:
The company or investment fund’s place of incorporation.
- Guernsey
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Partially qualified : 85%
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation: 85%
- Energy type
:
‘Renewable’ includes energy sources such as solar, wind, hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Solar
- Fossil Fuel or Renewable Exposure
:
‘Renewable’ includes energy sources with very low lifecycle emissions such as solar, wind and tidal or those meeting a certain criteria such as hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Renewable
- 2X gender finance
:
Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.
- Fully qualified
- 2X qualification criteria:
:
2X Criteria the investment qualifies under. See 2X Criteria for more information.
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- Leadership — Senior Management
2X threshold 45%: Investee already meets threshold - Employment
2X threshold 45%: Investee commits to meet threshold - Indirect/Portfolio
2X threshold 30%: Investee commits to meet threshold - Governance and Accountability
- Leadership — Senior Management
- 2X sector
:
Indicates the specific 2X sector benchmark the investment qualifies under. See 2X Criteria for more information.
- Financial and Insurance Activities
- 2X country
:
Indicates the specific 2X country benchmark the investment qualifies under. See 2X Criteria for more information.
- Kenya
- Climate finance
