Blended finance for renewables attracts the limelight

June 16, 2025

Dear subscriber, this is a prototype. Please help us with feedback and tips. Just press reply.

Zafiri, an investment vehicle formed by the World Bank and the AfDB to push off-grid renewables, is set to launch next month. The platform secured $300 million in blended finance to accelerate off-grid and distributed renewables across sub-Saharan Africa. The fund aims to connect 30 million people, focusing on commercially sustainable, decentralised renewable energy projects.

  • Blended finance is not new in Africa’s renewables sector. Zafiri joins others such as the Sustainable Energy Fund for Africa (SEFA), led by the African Development Bank. SEFA has mobilised over $1.1 billion in blended finance since its inception.

  • Zafiri's approach is unique to the extent that it targets mini- and metro-grid developers with a focus on commercial and industrial (C&I) off-takers. These types of consumers offer more reliable revenue streams, lowering risk for investors.

  • Our take: Blended finance vehicles might be the paradigm shift for Africa’s off-grid renewables… Read more (2 min)

CrossBoundary Access, a blended finance platform for mini-grids, is making its first expansion outside Nigeria. It has partnered with ANKA, an impact- and innovation-driven group based in Madagascar, to establish a $20 million mini-grid portfolio in Madagascar. The partnership will involve financing, building and operating the mini-grids.

  • Madagascar's national electrification rate stands at just 36%, with only 15% of the rural population connected. This, together with a clear regulatory framework, makes it an attractive market for investment in mini-grid electrification.

  • The cost of building mini-grids saw a 20% reduction between 2020 and 2024. This was driven by factors such as falling solar prices. Projected cost reductions by 2030 are set to make them the most affordable option for rural areas.

  • Our take: Major funders need to focus on how to move pledges in the African energy sector to disbursements… Read more (2 min)

The top ten companies in the African renewables space hired 26 new senior staff in the past month, according to LinkedIn data. Scatec accounted for 12 of these. ACWA Power, AMEA Power, JA Solar and Mulilo Energy each had three hires. Distributed Power Africa was the only company to experience a net loss, with a reduction of three senior staff members.

  • The total senior staff count for the top ten companies reached 1,626 in June. The number of total sales staff remained constant.

  • Scatec continues its dominance with new hires, having recruited 156 senior staff in the past year. This month, it advertised for more than 10 roles, mainly in South Africa, where it recently won a bid for a battery energy storage project.

  • Our take: As the sector continues to attract funding, new hiring opportunities will emerge to spearhead project developments… Read more (2 min)

ENGIE Africa hosts media representatives at the Aurora Wind Power Farm  in South Africa this week

Events

🗓️ Participate in a webinar on Africa’s carbon markets (Jul 2)

🗓️ Attend the C&I Energy+Storage Summit  in Zambia (Aug 27)

🗓️ Register for the Sustainability and ESG Africa Conference (Oct 15)

Jobs

👷🏻‍♀️ Be NeoSun Energy’s Head of Branch – Solar Energy (Kenya)

🛠️ Apply for Mopo’s Solar Technician position (Nigeria)

👨‍💻 Join Sungrow Southern Africa as a  Senior Account Manager (South Africa)

Various 

🌊 Guinea-Conakry formalises $45 m investment for Kéno Hydropower

🔋 South Korea and Nvidia join hands to build a green data centre in Morocco

🔌 Kenya commissions national grid control centre

Seen on LinkedIn 

Anthony Akivembe, Director of Business Development at Omnivoltaic Energy Solutions, says, “Off-grid is no longer 'pilot territory.” It’s ready to scale. But here’s the hard truth: most local innovators can’t afford to wait 12 months for grant disbursement—or 18 months for a carbon verification cycle.”