An alliance of renewable energy backers said it has mobilized $4.2 billion in financing to expand energy access in Africa.

The Global Energy Alliance for People and Planet (GEAPP) — founded in 2021 by The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund — works with public and private partners to finance projects across the continent, such as scaling interconnected solar minigrids in Nigeria and offering renewable energy training to former coal miners in South Africa.

In a new report, the organization said energy access in Africa was “hindered” by high financing costs driven by perceived risks and limited affordable capital, as well as fragmented energy infrastructure. It has found that planning that addresses both supply and demand issues promotes a more robust and sustainable green economy.

“With aid budgets under pressure, we need new models to deliver development at scale,” Woochong Um, CEO of GEAPP, told Reuters.