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The Common Market for Eastern and Southern Africa (COMESA), in partnership with the World Bank, has launched the ASCENT Project Preparation Facility (PPF), a US$25 million initiative aimed at accelerating renewable electrification across the region.
The facility was unveiled on Tuesday on the sidelines of the EAIF 2026 in Nairobi, positioning COMESA at the forefront of Africa’s ongoing energy transition.
According to a statement issued by the COMESA Secretariat in Lusaka, the ASCENT PPF has been created as a catalyst for clean energy development.
It will offer technical assistance to project developers, ensure energy access projects are well-structured and bankable, and bridge the gap between project concepts and investment readiness.
The initiative seeks to unlock high-impact renewable energy projects that expand energy access, support productive use of electricity in agriculture and industry, and drive the region’s green transition.
Its core objectives include supporting developers with technical expertise to prepare strong proposals, aligning projects with international financing standards to mobilise investment, and accelerating regional electrification through renewable solutions that deliver long-term social and economic benefits.
Officiating the launch, Ambassador Dr. Mohamed Kadah, COMESA Assistant Secretary General in charge of Programmes, underscored the strategic importance of the facility.
“The ASCENT Project Preparation Facility was designed to support early-stage project development, strengthen technical and financial structuring, and prepare projects to meet investor and lender requirements. Ultimately, it aims to unlock capital at scale,” Kadah said.
He added that the initiative represented a critical step in ensuring renewable energy projects across Eastern and Southern Africa were not only visionary but also commercially viable.
“By supporting developers with technical expertise and aligning projects with international financing standards, ASCENT helps drive investment into clean energy solutions that deliver lasting social and economic benefits,” he said.
To ensure effective implementation, Cygnum Capital has been appointed Fund Manager. With extensive experience in energy and infrastructure financing across Africa, the firm will oversee the development of a pipeline of bankable projects and provide technical and financial advisory services to ensure alignment with global standards of quality and bankability.
The launch, held during the EAIF 2026 from April 21 to 24, brought together governments, financiers, innovators, and private sector partners committed to advancing renewable electrification, industrial and commercial power solutions, and the wider green energy transition across the continent.
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