AfDB’s SEFA Invests $20m in ARM-Harith, ACV Fund to drive sustainable infrastructure

The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has committed $20 million to drive sustainable infrastructure and climate tech innovation across Africa. The funding is split between the ARM-Harith Successor Infrastructure Equity Fund and the Persistent Africa Climate Venture Builder Fund (ACV Fund), each receiving $10 million. These investments aim to enhance access to renewable energy, efficient transport systems, and climate-focused ventures, with a significant portion targeting West Africa, particularly Nigeria.

SEFA’s backing of ARM-Harith will help develop renewable energy projects delivering 200 MW of capacity, cutting 800,000 tons of CO2 emissions, and creating 10,000 jobs. Rachel Moré-Oshodi, CEO of ARM-Harith, lauded the collaboration as a transformative approach to sustainable development. Meanwhile, SEFA’s contribution to the ACV Fund will stimulate climate tech entrepreneurship, unlocking $70 million to support innovative startups addressing Africa’s climate challenges.

These investments align with AfDB’s High Five priorities, supporting goals like electrifying 300 million Africans by 2030. The initiatives are expected to catalyze private sector funding, expand energy access for 100,000 households, and contribute to the Bank’s broader climate action and sustainable development strategies.