The Africa Enterprise
Challenge Fund (AECF) is seeking applications
for its REACT SSA Somalia programme that seeks to reduce poverty through a
transformational increase in the use of renewable energy by off-grid households
in the Federal Government of Somalia (FGS) and Somaliland.
This programme aims to promote private sector investment and
innovation in low-cost clean energy and climate change catalysed at scale.
Objectives
The specific objectives of the fund are:
- Support transformational
business models adapted to target markets in order to accelerate access to
low cost, clean energy i.e. cleaner fuels, cook stoves, alternatives to
grid power.
- Support commercially viable
companies and markets in target countries, out of which 25 percent will be
women owned and/or managed.
- Support innovative ideas that
stimulate next generation approaches in the renewable energy sector in
Sub-Saharan Africa.
- Capture and disseminate lessons
on how increased access to clean energy can deliver positive impact on the
rural poor, especially women and youth, through: i) business models, ii)
improved business environment, through policy influencing and advocacy,
and iii) improved business environment through crowding in, replication
and copying best practice.
- Stimulate stakeholder
engagements for an improved policy, legal and regulatory environment for
renewable energy businesses within the target countries.
Funding Information
The AECF will award grants from US$100,000 to
US$1,500,000 to selected qualifying companies under this competition. Funding
will be milestone based, where disbursements are based on mutually agreed
milestones that have to be delivered/achieved.
Eligibility Criteria
Applicants must meet the following requirements:
- Be private sector enterprises
that are aligned with the focus areas. Joint ventures are allowed
- Must be legally registered and
physically established in the FGS or Somaliland
- Must show a commitment to match
AECF funding. Matching contributions are required in order to demonstrate
interest and trust from the wider investor community
- Request for funding should be
within the stipulated range of US$ 100,000 to US$ 1.5 million. This is a
full grant. The funding must, however, be used for a specific project in
the FGS or Somaliland
- Be compliant with fundamental
in-country and international human rights, labor standards and
environmental management laws
- Must NOT be involved in any act
of terrorism or support terrorists’ activities
- Must allow regular due
diligence by AECF
Post Date - 16-Dec-2020