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Octopus Energy’s generation arm has launched its first energy fund for Africa, aiming to mobilise $250 million over the next three years in investment in African clean energy, e-mobility, battery storage and power grid upgrades.
Launched at the Africa Energy Forum in Cape Town, South Africa, the Octopus Energy Power Africa Fund (OEPA) is designed to unlock funding for the continent’s clean energy potential.
Starting with projects across Sub-Saharan Africa, OEPA plans to invest in clean energy solutions – from rooftop solar and battery storage to electric vehicle (EV) charging infrastructure and grid upgrades.
As part of the move, Octopus Energy Generation is also working with African investment specialist Pembani Remgro Infrastructure Managers (PRIM) to create a smart, practical model that opens new doors for green investments in emerging markets.
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The fund launched with an initial $60 million and ambitions to mobilise $250 million over the next three years.
According to the British renewable energy company in a release, Africa’s energy market is one of the fastest-growing globally, driven by an abundance of sunshine and wind.
The company cites research from IRENA and the IEA, saying that the continent is home to around 40% of the world’s renewable resources, yet receives just 2% of global clean energy investment.
Commenting in a release was Zoisa North-Bond, CEO at Octopus Energy Generation: “Africa is abundant with clean energy potential – enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind. By partnering with local experts, such as Pembani Remgro Infrastructure Managers, we aim to accelerate that future and create new green pathways.”
Ashleigh Gray, the director of the Octopus Energy Power Africa Fund, believes the fund is offering a gateway into a region where demand is soaring. “This is an incredible opportunity for forward-thinking investors to support transformative clean energy projects and grow with one of the world’s most exciting markets,” she said.
Herc van Wyk, CEO at Pembani Remgro Infrastructure Managers: “There is a growing awareness of the opportunity presented by infrastructure investment in Africa and we look forward to collaborating with Octopus to unlock new sources of capital for clean energy solutions in Sub-Saharan Africa.”
The launch of OEPA comes off the heels of Octopus Energy’s investment in MOPO – a solar battery innovator powering off-grid homes and businesses to accelerate clean energy access across Africa.
The fund also builds on Octopus’s partnership with Akuna Group to deliver Sierra Leone’s first-ever wind farm on Sherbro Island, bringing clean, reliable power to local homes and businesses in a region long underserved by traditional grids.
