Businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique and Zimbabwe can now apply for the African Enterprise Challenge Fund’s US$1.2 million to unlock the potential of renewable energy to create new business opportunities.
Applicants are expected to come up with solutions that reduce the negative impacts associated with the use of traditional cooking options at the household and institutional levels, build climate change resilience among communities and support productive uses such as water pumping, agro-processing, cooling, and refrigeration services are examples that the Fund seeks to support.
When applying, applicants will need to demonstrate how their proposed innovations will transform the livelihoods of low-income households through the creation of jobs and diversification of livelihoods.
The Innovation Fund is built on AECF’s Renewable Energy and Adaptation to Climate Technologies (REACT) initiative was launched to support the private sector develop and expand its clean energy technologies to Africa’s rural communities.
The Fund will invest in technologies that meet market needs as well as accelerating the development of existing solutions to better serve African communities and not technologies in the prototype stage.
Chief Executive Officer of AECF, Victoria Sabula, said that the innovation fund is key to enhancing large-scale transformation within local communities.
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“Investing in affordable and accessible renewable energy solutions can create jobs, grow economies, and build more sustainable livelihoods. Through the fund, we hope to unearth new ways that renewable technology – be it domestic, communal, or commercial – can be used to generate income and create jobs,” she said.
All applicants are expected to submit their applications on or before 29th April 2021.
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