In April this year, Acre Impact Capital held the first close of its debut Export Finance Fund I at $100 million. The investor is providing debt capital to between 15 and 20 investment opportunities across essential infrastructure, spanning renewable power; health, food and water scarcity; sustainable cities; and green transportation.

The investor claims the fund is the 'first and only' dedicated to funding the commercial tranche of export credit agency (ECA)-backed transactions in Africa.

As per international agreement, ECAs are limited to covering a maximum of 85% (at times 95%) of a project's value. Where the remaining 15% is 'chronically underfunded' largely due to an unwillingness to take on direct sovereign risk exposure. The lack of investment can slow or even kill projects, Acre's new fund intends to fill that void.

Acre Impact Capital has made its first investment into Project Panacea, the construction and operation of three 'state-of-the-art' hospitals in regional Angola.

Through this model, Acre claims to mobilise $5.6 of private sector capital for every $1 invested.

"Acre Impact Capital is delighted to be recognised by the Environmental Finance IMPACT Awards for our unique and pioneering solution to supporting the development of climate-aligned essential infrastructure in Africa," Gwendolyn Zorn, head of impact at Acre Impact Capital, told Environmental Finance.

"Acre's Export Finance Fund I is the first and only fund dedicated to funding the commercial tranche of export credit agency backed transactions on the continent, providing finance for the chronically underfunded tranche needed to unlock the financing for critical infrastructure."