PowerGen RE Secures Major Funding to Deliver 120 MW of Renewable Power Across Africa

New platform aims to expand energy access in sub-Saharan Africa with cutting-edge renewable and storage solutions.

PowerGen Renewable Energy, in collaboration with leading international investors, has launched a transformative renewable energy platform to deploy 120 MW of renewable power, including battery energy storage solutions, across sub-Saharan Africa. This initiative marks a significant milestone in addressing the region's energy challenges, where an estimated 570 million people currently lack access to electricity, according to the International Renewable Energy Agency (IRENA).

Global Partnership Driving Change

The platform is the result of a partnership between PowerGen and major organizations, including:

• The Private Infrastructure Development Group (PIDG) through its investment arm, InfraCo.
• The Danish Investment Fund for Developing Countries (IFU).
• EDFI Management Company, backed by its EU-funded Electrification Financing Initiative (ElectriFi).
• The African Development Bank’s Sustainable Energy Fund for Africa (SEFA), which provides catalytic finance to unlock private sector investments in renewable energy.

The first round of funding, secured in January 2025, will drive further equity and debt financing throughout the year, accelerating PowerGen’s efforts to provide clean, reliable, and affordable energy to underserved communities.

Initial Focus and Future Expansion

PowerGen’s platform will initially focus on Nigeria, Sierra Leone, and the Democratic Republic of the Congo (DRC), deploying renewable mini-grids, metro-grids, and commercial and industrial (C&I) power solutions. The initiative will later expand to other regions, leveraging PowerGen’s 13+ years of experience and collaborations with local developers and engineering, procurement, and construction (EPC) partners.

Catalyzing Economic Growth and Sustainability

This ambitious project is expected to provide electricity to more than 68,000 households and reduce energy costs for 7,000 businesses, significantly enhancing productivity and creating indirect jobs.

Dr. Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, emphasized the project’s transformative impact: “This platform reflects our commitment to catalyzing private investment in sustainable energy infrastructure. It will bring electricity to underserved areas, stimulate economic activity, and create numerous employment opportunities.”

Innovative Funding and Collaborative Leadership

Claire Jarratt, Head of Investment Management for InfraCo, praised the long-standing partnership with PowerGen: “PIDG has worked with PowerGen in Sierra Leone for years and is confident in their ability to deliver high-quality distributed energy infrastructure in challenging conditions. This new investment has the potential to be truly transformational.”

The platform also showcases the value of early-stage investments. Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company, highlighted the ripple effect of prior commitments: “Our initial investment in 2019 paved the way for this significant funding round. PowerGen exemplifies how targeted funding can unlock transformative solutions for sustainable energy access.”

Driving Climate Resilience

With the pressing need for climate resilience in Africa, Henrik Henriksen, IFU Investment Director, stressed the importance of renewable energy: “Clean energy access enables underserved households and businesses to improve their living conditions and resilience to climate change while minimizing greenhouse gas emissions. This investment aligns perfectly with Africa’s transition toward sustainability.”

Empowering Communities Across Africa

PowerGen CEO Aaron Cheng expressed excitement about this next chapter: “We are thrilled to drive our vision of providing clean, reliable, and affordable energy across Africa. Together with our partners, we look forward to contributing to the energy transition and socio-economic growth at scale.”

Looking Ahead

This platform reinforces PowerGen’s mission to bridge the energy gap in Africa. By integrating advanced renewable technologies with local partnerships, the company is set to drive long-term sustainability, economic resilience, and energy access for millions across the continent.

For more information, visit: www.PowerGenRenewableEnergy.com.