KEY POINTS
- PowerGen’s platform will deploy 120MW of renewable energy and battery storage solutions, initially targeting Nigeria, Sierra Leone, and the DRC, with plans for regional expansion.
- Partners include the African Development Bank, PIDG, IFU, and EDFI, collaborating to increase energy access for 68,000 households and 7,000 businesses across Africa.
- The project aligns with Africa’s Mission 300 goals, driving clean energy adoption, creating jobs, and fostering socio-economic development in underserved communities.
PowerGen Renewable Energy (PowerGen), in partnership with leading global investors, has unveiled a scalable renewable energy platform aimed at deploying 120 MW of clean energy across Africa, including advanced battery energy storage systems.
The initiative marks a significant step toward addressing the continent’s critical energy access challenges.
PowerGen, partners boost Africa’s energy
The platform is a collaboration among PowerGen, the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company through the Electrification Financing Initiative (ElectriFi), and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).
PIDG’s investment arm, InfraCo, led the anchor commitment, supported by concessional capital from PIDG Technical Assistance Fund.
SEFA, managed by the African Development Bank, plays a pivotal role in mobilizing private sector investments for renewable energy projects across Africa.
The platform leverages PowerGen’s 13 years of experience in renewable energy, focusing on mini- and metro-grid solutions, as well as commercial and industrial power systems.
Initial deployment efforts will concentrate on Nigeria, Sierra Leone, and the Democratic Republic of the Congo (DRC), with plans for regional expansion. PowerGen aims to partner with local developers and EPC providers to accelerate access to electricity for the 570 million sub-Saharan Africans who remain without power, according to IRENA data.
PowerGen secures transformative funding platform
The first funding close, completed in January 2025, is expected to catalyze additional equity and debt investments later in the year.
PowerGen, a private sector partner of Power Africa, also benefits from technical support and funding from organizations such as ElectriFi and SEFA.
Claire Jarratt, PIDG’s Head of Investment Management for InfraCo, noted: “We are thrilled to anchor this transformative platform. PowerGen’s proven ability to deliver high-quality distributed energy infrastructure positions them as an ideal partner in tackling Africa’s energy challenges.”
Henrik Henriksen, IFU Investment Director, highlighted the initiative’s broader climate and development goals: “This project addresses the urgent need for clean energy access, enhancing the resilience of underserved communities while mitigating greenhouse gas emissions.”
Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company, praised the catalytic impact of early-stage investments: “This funding round builds on our initial commitment, showcasing how targeted capital can unlock transformative solutions for sustainable energy in emerging markets.”
Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, emphasized the initiative’s economic and social impact: “This platform aligns with our Mission 300 objectives, bringing electricity to underserved areas, generating economic activity, and creating jobs.”
Aaron Cheng, CEO of PowerGen, described the initiative as a pivotal moment in the company’s journey: “We are excited to scale clean, affordable energy access across Africa, driving socio-economic growth and energy transition.”
With the funding secured, PowerGen is set to connect over 68,000 households and 7,000 businesses, enhancing productivity and fostering economic development through reliable and affordable electricity access.
