70 Projects, 10 Years: What EnDev Learned from Results-based Financing
EnDev has published a new flagship report on Results-based Financing, drawing on lessons from more than 70 programmes implemented over the past decade to support energy access in partner countries.
Click through the report here or download the full report.
Results-based Financing (RBF) is an instrument through which EnDev provides financial incentives to private sector actors, such as solar companies and distributors, for the verified achievement of predefined results. For example, the sale and installation of solar systems. Within this framework, EnDev defines the target markets and eligible customer groups that the supported companies are expected to serve, ensuring that energy solutions reach underserved or priority areas. By linking incentives to measurable outcomes rather than upfront activities, EnDev uses RBF to encourage companies to expand into challenging markets, address specific energy access gaps, and ensure that public funding leads to tangible and accountable results.
"No silver bullet, but a powerful lever: Results-based Financing accelerates growth, strengthens companies, and extends opportunity to those often left out – refined through our learning, built for sustainable impact.”
– Alexander Haack EnDev Programme Director
Based on EnDev’s extensive portfolio, the report examines how Results-based Financing can stimulate market development, expand access to modern energy, and improve service quality. It also highlights common implementation challenges and practical ways to address them.
The publication provides practical guidance for donors, programme designers, implementing partners, and policymakers seeking to design, adapt, or scale Results-based Financing mechanisms. Key considerations include defining measurable results, structuring incentives, verifying outputs, and managing risks throughout implementation.
Drawing on real-world examples, the report illustrates how Results-based Financing has been applied in diverse market environments—from more mature energy markets to early-stage and underserved contexts. It also reflects on recurring challenges such as balancing programme ambition with market realities, ensuring private sector participation, and maintaining cost efficiency.
One chapter is dedicated to the use of Results-based Financing in fragile and conflict-affected contexts, where higher levels of uncertainty require flexible programme design, strong local partnerships, and realistic expectations.
Key lessons from EnDev’s experience include:
- Context matters: Successful Results-based Financing programmes are tailored to local market conditions and institutional realities.
- Balanced incentives are critical: Mechanisms must attract private sector participation while ensuring accountability and sustainable results.
The report provides practical insights for development actors seeking effective and scalable approaches to financing energy access.
