Key Takeaways
- Octopus Energy Generation has launched the Octopus Energy Power Africa Fund to invest in clean energy across sub-Saharan Africa.
- The fund aims to raise $60 million initially, with a goal of reaching $250 million over three years.
- Pembani Remgro Infrastructure Managers is partnering with Octopus to manage and structure the fund, focusing on various renewable energy solutions.
Investment in African Clean Energy
UK-based Octopus Energy Generation has unveiled the Octopus Energy Power Africa Fund (OEPA), aimed at driving private investment in clean energy solutions throughout Africa. This initiative is a response to the continent’s enormous potential for renewable energy, which boasts 39% of the world’s renewable resources, despite receiving only 2% of global clean energy investment.
The fund received an undisclosed cornerstone investment from Octopus Energy and aims to attract a diverse group of investors, targeting an initial closing of $60 million (€69 million) within the next year, and a final close of $250 million over three years.
The fund will focus on a variety of clean energy projects including rooftop solar, battery storage, electric vehicle charging stations, and grid enhancements across sub-Saharan Africa. These investments are expected to help make affordable green energy accessible to more people while leveraging the continent’s unrivaled resources of sunshine and wind.
Octopus has teamed up with Pembani Remgro Infrastructure Managers, a firm known for its expertise in sustainable infrastructure investments in Africa, to structure the fund. Octopus mentioned that there may be opportunities for Pembani to manage specific investments within the fund.
Octopus Energy Generation’s CEO, Zoisa North-Bond, emphasized the need to harness Africa’s clean energy capacity. In her words, the continent could evolve into a “next-generation renewable powerhouse.” North-Bond stated that partnering with local experts like Pembani aims to accelerate the transition to a sustainable energy future.
The company’s commitment to the African market isn’t new. Last November, Octopus Energy partnered with the Akuna Group, founded by British actor Idris Elba, to progress the development of Sierra Leone’s inaugural wind farm located on Sherbro Island. Recently, Octopus also made a significant investment in UK-based MOPO, which has introduced solar-powered batteries available on a pay-per-use basis, designed to provide reliable clean energy to underserved communities in sub-Saharan Africa.
This strategic focus on Africa positions Octopus Energy as a pivotal player in the global clean energy transition, aiming to democratize access to renewable energy resources while driving sustainable development across the region.
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