Mourant Advises on Multi-Million Dollar Fund to Scale Clean Energy in Africa

Mourant, a law firm-led professional services business, has advised Acumen on all Guernsey legal aspects of the formation  of its new Guernsey impact fund – the Hardest to Reach (H2R) initiative – its first-of-a-kind blended finance strategy which aims to activate markets for clean and inclusive energy in Sub-Saharan Africa.

Acumen is a global community of entrepreneurs, investors, philanthropists, and social innovators working to break the cycle of poverty. This latest initiative, which has secured US$246.5 million in approved and committed capital, aims to achieve positive social and climate impact, while also generating financial returns for investors through supporting off-grid solar distribution into sub-Saharan Africa’s underserved markets – helping achieve energy access for all.

A diverse set of public and private institutions, including the Green Climate Fund, International Finance Corporation, Shinhan Bank, British International Investment, Soros Economic Development Fund, Nordic Development Fund, Signify Foundation, and ImpactAssets, joined forces to be part of this next chapter for the H2R initiative.

Launched at COP28 in 2023, H2R represents Acumen’s most ambitious energy effort to date. The initiative aims to reach nearly 70 million people across 17 countries, including 50 million first-time energy users in areas with some of the lowest electrification rates in the world.

The Mourant team was led by Guernsey investment funds specialist, Frances Watson (Partner), supported by Alasdair McKenzie (Senior Associate) and Lauren Ingrouille (Associate).

Commenting on the transaction, Frances said:

“We’re delighted to have supported Acumen on the successful launch of the Hardest to Reach initiative. This project demonstrates how innovative investment structures can drive meaningful social and climate impact, while also seeking to deliver a return for investors.

“Our team’s deep understanding of Guernsey’s regulatory landscape, combined with close collaboration with Acumen and our instructing onshore counsel, enabled the successful completion of this important transaction. We are proud to have played a part in advancing access to clean, affordable energy in Sub-Saharan Africa, and look forward to supporting further initiatives that create positive environmental change in the future.”

The Independent Non-Executive Director to the fund, Rebecca Booth, added:

“I am delighted to be appointed to the Board for this exciting, innovative and important initiative.”