IFC Seeks $300 Million to Fund Electricity Mini-Grids in Africa

The International Finance Corp. is setting up an entity aimed at lowering the cost of mini grids in Africa, to accelerate plans to connect 300 million Africans to electricity by 2030.

The vehicle targets a first financial close of approximately $300 million before the end of 2025, with a long-term capitalization goal of $1 billion, according to Andrew Herscowitz, the chief executive officer of the so-called Mission 300 Accelerator.