Africa50, a leading infrastructure investor, has recently announced a $500 million fund to drive climate-friendly projects across Africa.
This move marks the first region-wide investment vehicle dedicated to off-grid power companies, signaling a major push toward sustainable energy solutions.
The initiative, which is backed by the African Development Bank (AfDB) and Morocco’s Central Bank, aligns with ongoing efforts to expand electricity access and combat climate change.
The declaration comes on the heels of intensified global and regional action to provide electricity to 300 million Africans by 2030.
Massive Green Infrastructure Fund
Speaking at an interview, Alain Ebobisse, Africa50 CEO, said the newly launched Alliance for Green Infrastructure in Africa will allocate $400 million for project development and $100 million for project preparation.
The fund is aimed at improving the renewable energy and low-emission transportation sectors.
“With this fund, we can catalyze $10 billion in investments,” Africa50 CEO Alain Ebobisse said.
The fund’s first phase is set to close in the first half of 2025.
Africa50 also announced a $200 million Africa Solar Facility to boost companies delivering distributed renewable energy, such as solar mini-grids and home solar systems.
In addition, the firm is collaborating with the Nigerian Sovereign Investment Authority and the Sustainable Energy For All backed by the United Nations to launch a renewable energy fund focused on Nigeria.
Scaling up investment and infrastructure
Africa50 continues to expand its investment footprint with three flagship platforms: Africa50-Project Development, Africa50-Project Finance, and the Africa50 Infrastructure Acceleration Fund. These funds have already attracted capital from 16 African institutional investors, including sovereign wealth funds and commercial banks, with the International Finance Corporation (IFC) as the only non-African investor.
With $2.3 trillion in institutional capital across Africa, Africa50 is aiming to mobilize even more resources for infrastructure projects. Over the past seven years, the firm has invested in 28 projects spanning 27 African nations and now manages assets worth $1.1 billion.
Also, Africa50 is ramping up financing for Africa’s first large-scale public-private partnership for electricity transmission, involving India’s Power Grid Corporation and the Kenyan government.
The company has also signed agreements to develop similar projects in Mozambique, Tanzania, and Gabon, reinforcing its commitment to transforming Africa’s energy landscape.
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