UPDATE | Energy Access Relief Fund Reaches First Close
This week, the post-COVID Energy Access Relief Fund (EARF) launched with a first close of $68 million and a target of over $80 million to protect energy access for at least 20 million people in sub-Saharan Africa and Asia. Social Investment Management and Advisors (SIMA Funds) is the sole Fund Manager of the EARF. Since January 2021 – in advance of the first closing the fund – SIMA has started providing loans to small and medium sized borrowers, supported by several key donors. With over hundreds of applications received so far, SIMA has innovated the underwriting process of the EARF such that the EARF loans can be provided to the borrowers in the least possible time. Submissions for funding will be reviewed on a rolling basis as they are received. If you have already submitted an EOI, your information is in review. To learn more, visit the SIMA Fund website or contact SIMA at email@example.com.
The EARF is the culmination of an unprecedented partnership convened by Acumen, including CDC Group, U.S. International Development Finance Corporation (DFC), FMO, Green Climate Fund (GCF), Shell Foundation, IKEA Foundation, The Rockefeller Foundation, World Bank, International Finance Corporation (IFC), Swedish International Development Cooperation Agency (SIDA), Swiss Agency for Development and Cooperation (SDC), the UK Foreign, Commonwealth and Development Office (FCDO), USAID, and Power Africa. The EARF, managed by Social Investment Managers and Advisors (SIMA), will provide relief capital in the form of short-term loans to an estimated 90 energy access companies in sub-Saharan Africa and Asia still struggling with disruptions wrought by COVID-19.
Read the full announcement on the Acumen website, here.