EAIF 2026: COMESA Unveils $25m Fund to Unlock Bankable Energy Projects

The Common Market for Eastern and Southern Africa (COMESA) has launched a $25 million Project Preparation Facility (PPF) under its ASCENT programme, targeting one of the most persistent bottlenecks in Africa’s energy sector, the gap between early-stage project ideas and investment-ready developments.

Unveiled at the ARE Energy Access Investment Forum 2026 in Nairobi, the facility is backed by funding from the World Bank and is designed to accelerate the development of viable energy projects across Eastern and Southern Africa. It will focus on strengthening project design, feasibility assessments, financial modelling, and risk analysis to meet the standards required by investors and development finance institutions.

The PPF is a key component of the broader ASCENT programme, a regional initiative with a base financing of $5 billion and the potential to mobilise up to $15 billion in investments. The programme aims to expand electricity access to 100 million people, particularly in rural and underserved communities where grid expansion remains slow or economically unfeasible.

According to COMESA officials, many promising energy projects fail to reach financial close due to weak structuring and lack of technical readiness. The new facility seeks to address these challenges by building a robust pipeline of bankable projects, thereby unlocking both public and private capital flows into the sector.

ASCENT prioritises distributed renewable energy solutions such as mini-grids, standalone solar systems, and clean cooking technologies, which are increasingly seen as critical to closing Africa’s energy access gap. The programme also adopts a coordinated regional approach, with COMESA overseeing implementation alongside participating national governments.

In addition to improving access to electricity, the initiative is expected to drive productive energy use across agriculture, industry, and small businesses, contributing to economic growth, job creation, and improved livelihoods across the region.

The PPF will be managed by Cygnum Capital, which will oversee project pipeline development and provide technical and financial advisory services. COMESA believes the initiative will significantly accelerate the transition from concept to execution, marking a critical step toward scaling clean energy investments and advancing sustainable development goals in Sub-Saharan Africa.