The African Development Bank (ADB) has announced a USD10 million investment from its Sustainable Energy Fund for Africa (SEFA) into the persistent Africa climate venture builder fund (ACV Fund) to promote climate technology entrepreneurship in Sub-Saharan Africa. The ACV Fund will provide critical financing to early-stage climate technology ventures, focusing on sectors such as solar energy, energy efficiency, electric mobility, agricultural technology, and circular economy solutions. This investment aims to unlock an additional USD 70 million in funding for climate-focused ventures, with transformative impacts expected, including 200 MW of renewable energy capacity. SEFA’s support will also attract private capital and mitigate the risks associated with early-stage climate technology businesses, addressing the chronic equity financing gap through a blended finance approach.
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