Mini-grids session III: Financing architecture for scale

Session Objective 

To examine how financing structures must evolve to mobilise capital at scale for mini-grid deployment, grounded in real developer experience and aligned with investor risk requirements. The session moves from practical case studies of companies that have successfully raised capital, to a broader discussion on financing models and market architecture, and finally to a candid dialogue with financiers on what is truly bankable. 

By structuring the session across three parts - developer experience, market evolution, and investor perspective - it aims to bridge the gap between how developers approach financing and how capital providers assess risk, enabling a more realistic pathway to portfolio-scale investment. 

Key Themes 

Grounding the discussion in real cases of capital raised 

• Key factors that enabled successful capital raising (e.g. business model, diversification, partnerships)  

• Common challenges and constraints faced during fundraising  

• What did not work and why  

• Practical advice from developers to peers navigating financing 

How financing structures must evolve to meet market needs 

• Moving from project-by-project financing to portfolio/platform approaches  

• Corporate finance models vs. project finance  

• Role of catalytic capital and blended finance in crowding in private investment  

• Importance of local currency financing and development of domestic capital markets 

Understanding risk, expectations, and constraints from capital providers 

• What risk profiles financiers are willing to support in distributed energy  

• Key conditions that make mini-grid investments bankable  

• Equity bottlenecks and what developers need to demonstrate to attract equity  

• Scaling debt facilities for distributed energy and constraints to deployment