PowerGen Renewable Energy, in collaboration with international investors, has launched a transformative distributed renewable energy platform to expand clean energy access across Africa.
This initiative aims to deploy 120MW of renewable power solutions, including advanced battery energy storage systems. Key partners include the Private Infrastructure Development Group (PIDG), Danish Investment Fund for Developing Countries (IFU), EDFI Management Company, and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).
Initial operations will prioritize Nigeria, Sierra Leone, and the Democratic Republic of the Congo, with plans for regional expansion. The firm aim to provide electricity to 68,000 households and reducing energy costs for 7,000 businesses and also support socio-economic growth and enhancing business productivity. This will address the energy needs of the 570 million people in sub-Saharan Africa currently without electricity as per International Renewable Energy Agency (IRENA).
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Renewable energy investments
PIDG, through its InfraCo project development unit, is a lead contributor with concessional capital. SEFA, managed by the African Development Bank, offers catalytic finance to unlock private-sector renewable energy investments.
The project has achieved its first financial close, with additional equity and debt financing anticipated later in the year. By scaling renewable energy access, this platform aims to drive Africa’s energy transition and foster economic resilience in underserved communities.
“This partnership marks a transformational chapter in achieving our vision of providing clean, reliable, and affordable energy across Africa. Together, we aim to contribute significantly to the energy transition and socio-economic growth on the continent,”said Aaron Cheng, CEO of PowerGen.
“This initiative enables underserved households and businesses to become more climate-resilient, fostering improved living conditions without adding to greenhouse gas emissions. Supporting Africa’s transition to sustainability is a priority for us,” said Henrik Henriksen, Investment Director, IFU.
