The initiative targets the deployment of 120 MW of renewable power, including battery energy storage, aiming to bridge the continent’s energy gap.

The platform is a collaboration involving PowerGen, the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company (through its EU-funded Electrification Financing Initiative), and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).

PIDG’s commitment was delivered via InfraCo, leveraging concessional capital from PIDG Technical Assistance. SEFA, a multi-donor fund managed by the African Development Bank, provides catalytic financing to drive private sector investments in renewable energy and energy efficiency.

Building on more than 13 years of operational expertise, PowerGen aims to develop a 120 MW portfolio of mini- and metro-grids and commercial and industrial (C&I) power systems.

The projects, which will include battery energy storage, will initially target underserved regions in Nigeria, Sierra Leone, and the Democratic Republic of the Congo (DRC).

With an estimated 570 million people in sub-Saharan Africa lacking access to electricity, the platform’s regional expansion seeks to accelerate electrification through collaborations with local developers and EPC partners.

The first phase of funding closed in January 2025, paving the way for additional equity and debt financing later this year.

With the secured funding, PowerGen is set to bring reliable electricity to over 68,000 households and reduce power costs for 7,000 businesses.

This increased access is expected to drive economic activity, boost productivity, and create significant employment opportunities.

Aaron Cheng, CEO of PowerGen, highlighted the company’s vision:

“We are excited to embark on this transformative chapter in Africa’s energy journey. Through our partnership, we aim to contribute meaningfully to the continent’s energy transition and socio-economic growth.”

This initiative marks a significant step toward closing Africa’s energy gap, enhancing climate resilience, and fostering sustainable development across the region.