Contact details Should you have any feedback or questions, please feel free to contact us. Read more about Colophon .

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To download other reports, please visit our reporting center. Read more about Downloads .

The Fund completed the exit of its investment in Madagascar Hydro Holdco Limited during the year. A deferred consideration remains outstanding at year-end and is expected to be received in 2026. Read more about Exits and Sales .

Disclaimer Read more about Footer .

The year 2025 was both positive and challenging for AEF. The Fund continued to operate in difficult markets, consistent with its mandate to provide catalytic, risk‑tolerant capital. Read more about Highlights and other developments .

Access to Energy is the Dutch government fund set up to actively support the creation of access to sustainable energy in developing countries Read more about Home - 2025 .

Read more about Independent auditor’s report .

Our impact goes beyond our investments. To embrace our mission fully, we are committed to doing business in a responsible and sustainable way, guided by global standards and guidelines. Read more about International principles .

The year 2025 began in a climate of global uncertainty, a defining feature that persisted throughout the year. Conflicts intensified, geopolitical tensions rose, and global alliances continued to shift. Read more about Letter from the Management Board .