PowerGen Renewable Energy (“PowerGen”) 

January 2025
PowerGen Renewable Energy (“PowerGen”) has partnered with leading international investors to establish a scalable, distributed renewable energy platform, targeting the deployment of 120 MW of renewable power solutions, including battery energy storage, across Africa. The platform is a collaboration between PowerGen and the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company, through its EU-funded Electrification Financing Initiative (ElectriFi), and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).

Building on PowerGen’s thirteen-plus years of experience developing, implementing, and operating projects across Africa, the funds will support the deployment of a 120MW portfolio of renewable mini-/metro-grids and commercial and industrial (C&I) power solutions, inclusive of battery energy storage. Initially focused on Nigeria, Sierra Leone, and the Democratic Republic of the Congo (DRC), the platform will be expanded within the wider region, leveraging PowerGen’s deep pipeline in combination with local developer and engineering, procurement, and construction (EPC) partnerships. Adopting a platform approach has the potential to accelerate efforts to connect the 570 million people across sub-Saharan Africa who currently lack access to electricity, according to data from IRENA.

AltRaise acted as co-financial investor to PowerGen in this transaction.

The first closing of the transaction was reached in January 2025 and will catalyse additional equity and debt finance later this year. PowerGen is a private sector partner of Power Africa, a U.S. government-led partnership, which provided technical assistance to PowerGen and contributed past funding to ElectriFi and SEFA.

With funding secured, PowerGen is well-positioned to serve the energy needs of more than 68,000 households and reduce the cost of power for 7,000 businesses. Increasing access to reliable and affordable electricity is expected to enhance business productivity, create indirect jobs, and drive economic growth.