ABIDJAN, Ivory Coast, January 16, 2025 – PowerGen Renewable Energy, in partnership with international investors, has launched a transformative platform aimed at scaling renewable energy access across sub-Saharan Africa. The initiative is set to deploy 120 MW of renewable power, including innovative battery energy storage solutions, and is poised to significantly accelerate efforts to bring electricity to the 570 million people across the region who currently lack access, according to IRENA data.
This collaborative platform includes key partners such as the African Development Bank (AfDB), the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company, and the AfDB’s Sustainable Energy Fund for Africa (SEFA). The funding from PIDG, through its investment arm InfraCo, will be combined with concessional capital from PIDG Technical Assistance.
Dr. Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, emphasized the importance of this initiative, saying, “This project is an excellent example of how partnerships can bring much-needed energy access to underserved areas, promoting sustainable economic activity and job creation.” Dr. Schroth highlighted that the project aligns with the AfDB’s Mission 300, which seeks to catalyze private investment in Africa’s energy infrastructure.
The platform, initially focused on Nigeria, Sierra Leone, and the Democratic Republic of Congo (DRC), will expand across sub-Saharan Africa, leveraging PowerGen’s deep pipeline and local partnerships with developers and engineering, procurement, and construction (EPC) companies. With the first closing of the transaction in January 2025, the platform is expected to unlock further equity and debt finance later in the year.
The investment will power 120 MW of renewable mini-/metro-grids and commercial and industrial (C&I) solutions, supporting more than 68,000 households and reducing energy costs for over 7,000 businesses. In addition to providing clean and reliable energy, the project will enhance productivity, create indirect jobs, and stimulate economic growth across the region.
Claire Jarratt, Head of Investment Management for InfraCo at PIDG, expressed confidence in PowerGen’s capabilities, particularly in challenging environments. “We are excited to anchor this investment, which demonstrates the transformative potential of renewable energy solutions to address energy access across sub-Saharan Africa,” Jarratt said.
Henrik Henriksen, Investment Director at IFU, noted the importance of such investments in boosting climate resilience and improving living conditions in Africa. “This project helps provide clean energy solutions to underserved households and businesses, offering them opportunities for better living conditions while reducing greenhouse gas emissions.”
Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company, echoed this sentiment, emphasizing the catalytic nature of early-stage funding in unlocking scalable solutions for sustainable energy access in emerging markets.
Aaron Cheng, CEO of PowerGen, expressed excitement over the platform’s potential. “This investment marks a transformational step towards our mission of providing clean, reliable, and affordable energy across Africa. We are grateful for the collaboration with our partners and look forward to driving socio-economic growth and contributing to the energy transition across the continent.”
With this new funding, PowerGen is well-positioned to advance Africa’s energy transition, contributing to economic development and improving the quality of life for millions across sub-Saharan Africa.
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