Online Reporter
Elita Chikwati
The Common Market for Eastern and Southern Africa (COMESA), of which Zimbabwe is a member of, in partnership with the World Bank, has launched the ASCENT Project Preparation Facility (PPF), to accelerate renewable electrification across the region.
The launch of the US$25 million initiative was held on the sidelines of the ongoing Energy Access Investment Forum (EAIF) 2026 in Nairobi, Kenya.
The launch was attended by Government representatives, financiers, innovators and private sector leaders to forge partnerships that advanced renewable electrification, commercial and industrial power solutions, and the broader green energy transition.
ASCENT is COMESA’s flagship initiative to drive renewable electrification and expand access to affordable, reliable and sustainable energy across Eastern and Southern Africa.
The programme was designed to catalyse investment, strengthen technical capacity and foster innovation in clean energy solutions that support inclusive growth and climate resilience.
The facility offers technical assistance to project developers, ensures that energy access initiatives are well structured and bankable and bridges the gap between ideas and investment.
Launching the facility, COMESA assistant secretary general in charge of programmes, said the facility was meant to support early-stage project development.
“The facility is also designed to strengthen technical and financial structuring and prepare projects to meet investor and lender requirements. Ultimately, it aimed to unlock capital at scale,” he said.
Dr Kadah said the initiative was a critical step in ensuring renewable energy projects across Eastern and Southern Africa were not only visionary but also bankable.
“By supporting developers with technical expertise and aligning projects with international financing standards, ASCENT helped drive investment into clean energy solutions that deliver lasting social and economic benefits,” he said.
The facility, Dr Kadah said, represented a milestone in advancing Africa’s energy transition, adding that ASCENT would “strengthen the pipeline of viable projects, attract private sector investment, and ensure that renewable energy solutions contribute meaningfully to inclusive growth and climate resilience.”
To guarantee effective delivery, investment banking and asset management firm Cygnum Capital was appointed as the fund manager.
Cygnum Capital oversaw the development of bankable projects, provided technical and financial advisory services and ensured that supported initiatives met international standards of quality and bankability.
COMESA is a regional economic community of 21 member states.
The body promotes regional integration through trade, investment, and sustainable development initiatives, with a strong focus on energy access, climate resilience, and inclusive growth.
