The African Development Bank (AfDB) has committed USD 10 million from its Sustainable Energy Fund for Africa (SEFA) to the Persistent Africa Climate Venture Builder Fund (ACV Fund). This initiative supports climate technology entrepreneurship in Sub-Saharan Africa.
The ACV Fund will provide early-stage financing to ventures in sectors such as solar energy, energy efficiency, electric mobility, agricultural technology, and circular economy solutions. The investment is expected to unlock an additional USD 70 million for climate-focused projects, enabling transformative impacts, including 200 MW of renewable energy capacity.
SEFA’s support will attract private capital and mitigate risks in early-stage climate tech businesses, addressing the equity financing gap through a blended finance approach.