At the Eastern Africa Investment Forum (EAIF) held in Kigali, Rwanda on 8 April 2026, the Common Market for Eastern and Southern Africa (COMESA) officially launched the “COMESA Energy Project Preparation Fund” (CEPREF). The fund is capitalised at USD 25 million, with contributions from the World Bank (USD 10 million), the African Development Bank (USD 8 million), the European Union (USD 5 million), and the governments of Italy and Norway (USD 2 million combined).

The purpose of CEPREF is to bridge the “bankability gap” – the early stage costs (feasibility studies, environmental and social impact assessments, legal documentation, grid impact studies) that often kill renewable energy projects before they reach financial close. Developers can apply for grants of up to USD 500,000 per project, with a requirement to contribute 10% of the costs in cash or in kind. CEPREF targets four technology categories: solar mini grids (priority for rural electrification), geothermal (focus on the Eastern Rift Valley), onshore wind, and cross border transmission lines.

The fund’s initial pipeline includes 15 projects across 9 COMESA member states: Ethiopia (geothermal exploration in the Rift Valley, 200 MW), Tanzania (mini grids for 150 off grid villages), Zambia (a 100 MW solar mini grid cluster for mining towns), and a 400 kV transmission line connecting Kenya and Ethiopia (completion of the existing line’s second phase). COMESA’s Secretary General stated: “We have seen dozens of well designed renewable energy proposals that never get built because developers cannot afford the upfront preparation costs. CEPREF will change that.”

CEPREF also includes a “women in energy” window that provides additional technical assistance to projects with female leadership or that target women led enterprises as off takers. The fund’s ultimate goal is to facilitate at least 2 GW of new renewable capacity and to help provide electricity access to 100 million people in the COMESA region by 2030. The first grant approvals are expected in September 2026.