$176M Fund to Bring Power to 10 Million Africans by 2030

Millions of people in sub-Saharan Africa are one step closer to turning on a light switch for the first time.

Zafiri, a groundbreaking investment fund, launched this week in Cape Town with $176 million dedicated to bringing electricity to communities living beyond the reach of traditional power grids. The fund aims to connect 10 million people to power by 2030, expanding to 30 million over its lifetime.

The initiative brings together major development organizations including the World Bank Group's IFC, the African Development Bank, The Rockefeller Foundation, and several other partners. Together, they're tackling one of Africa's toughest challenges: getting reliable, affordable electricity to remote communities.

Instead of waiting for traditional power grids to expand, Zafiri will fund distributed renewable energy companies. These businesses deliver solar home systems, mini-grids, and clean cooking solutions directly to communities that need them most.

The investment addresses a critical gap in Africa's energy landscape. While 600 million people across sub-Saharan Africa lack electricity access, traditional financing hasn't reached the innovative companies working to solve this problem.

Zafiri provides patient, long-term equity capital to these distributed energy companies, giving them the resources to grow and serve more communities. At least half the fund will support mini-grids, solar home systems, and clean cooking technologies.

The fund is part of Mission 300, an ambitious initiative to bring electricity to 300 million people across sub-Saharan Africa by 2030. This collaborative effort recognizes that distributed renewable energy will contribute at least 50% of new electricity connections by decade's end.

The Ripple Effect

Access to electricity transforms more than just evenings. Reliable power means children can study after dark, health clinics can refrigerate medicines, and small businesses can operate tools and equipment that drive local economies.

The fund will create jobs across the region while connecting businesses to power for the first time. Communities will gain access to productive-use energy solutions that enable economic activity, from powering irrigation pumps for farmers to running refrigeration for small shops.

Zafiri expects to grow from its current $176 million to $300 million within a year, with long-term ambitions to reach $1 billion. This scaling approach recognizes that sustainable energy access requires sustained investment and partnership between public institutions and private sector innovation.

The blended finance model combines catalytic funding from development institutions with commercial investment, creating a sustainable path forward. By de-risking investments in distributed renewable energy, Zafiri opens the door for additional private capital to flow into the sector.

For millions of families waiting in the dark, reliable electricity is finally on the horizon.