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This initiative aims to deploy 120MW of renewable power solutions, including battery energy storage, across Africa. Credit: PowerGen.
PowerGen Renewable Energy has partnered with international investors to launch a distributed renewable energy platform to scale clean energy access across Africa.
The platform aims to deploy 120MW of renewable power solutions, including battery energy storage, across Africa.
The collaboration involves PowerGen, the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company, and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).
PIDG’s anchor commitment was made via InfraCo, its project development unit, with concessional capital from PIDG Technical Assistance.
Managed by the African Development Bank, SEFA offers catalytic finance for unlocking private sector investments in renewable energy and energy efficiency.
The funds will support a 120MW portfolio of renewable mini-/metro-grids and commercial and industrial power solutions, including battery energy storage.
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PowerGen CEO Aaron Cheng said: “We are thrilled to announce this transformational next chapter to drive our vision of providing clean, reliable, and affordable energy across Africa. We are grateful to our terrific partners for their collaboration, and together, we look forward to contributing at scale to the energy transition and socio-economic growth across the continent.”
Initially, the focus will be on Nigeria, Sierra Leone, and the Democratic Republic of the Congo, with plans to expand across the region.
The platform approach aims to connect the 570 million people in sub-Saharan Africa lacking electricity, according to data from the International Renewable Energy Agency (IRENA).
The first closing of the transaction was reached this month, with additional equity and debt finance expected later this year.
PowerGen is poised to meet the energy requirements of over 68,000 households and reduce power costs for 7,000 businesses, enhancing business productivity and driving economic growth.
IFU investment director Henrik Henriksen said: “There is a tremendous need for enabling access to clean energy that can assist underserved households and businesses in Africa to become more resilient to climate change and to provide them with opportunities for better living conditions without further increasing greenhouse gas emissions.
“Therefore, we are very proud to be a part of a joint investment enabling PowerGen to develop sustainable off-grid power solutions in sub-Saharan Africa. This aligns with our increased focus on supporting Africa’s transition to be more climate resilient.”
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