Energy 4 Impact’s research programme, Crowd Power, examines the role of crowdfunding in supporting the growth of the energy access sector. Crowdfunding has become a crucial source of financing for SMEs operating in the energy access sector in developing countries. Since 2016, debt crowdfunding has raised over $300 million for energy access projects. Despite a decline in crowdfunding volumes in 2023, debt crowdfunding has remained stable, sustaining the five-year average. This report highlights how energy access crowdfunding has demonstrated resilience and adaptability amid shifting macroeconomic conditions.