In a move towards addressing Africa’s energy access challenges, PowerGen Renewable Energy has enlisted Delphos as its financial advisor for a series of transformative renewable energy initiatives on the continent. Delphos, a global specialist in development finance, has been instrumental in advising PowerGen on this transformative transaction, which reached its first closing in January 2025.
In a joint press statement, the two companies said the funding, sourced from renowned impact investors such as InfraCo, IFU, EDFI, AfDB’s Sustainable Energy Fund for Africa (SEFA), and PIDG, will enable PowerGen to accelerate its mission of delivering clean, reliable electricity to underserved households and businesses.
The initial equity injection is expected to catalyze further capital–both equity and debt–later in 2025, providing a robust foundation for scaling renewable energy solutions across Sub-Saharan Africa.
The new platform aims to deploy 120 megawatts (MW) of renewable energy, including battery storage solutions, targeting Nigeria, Sierra Leone, and the Democratic Republic of Congo (DRC) as its initial markets. With plans to expand across Sub-Saharan Africa, PowerGen’s model emphasizes decentralized and localized solutions, which have proven more effective than traditional utilities in regions with limited grid connectivity.
“We are excited to partner with leading impact investors on this transformational transaction to scale renewable energy across Africa,” said Aaron Cheng, CEO of PowerGen. “We are grateful to the investors for their collaboration and appreciate Delphos’ support in arranging the transaction.
For over 13 years, PowerGen has been at the forefront of clean energy innovation, offering large-scale mini-grids and commercial and industrial (C&I) solutions that deliver substantial energy savings to clients. The company’s approach aligns with the United Nations Sustainable Development Goals (SDGs), particularly Goal 7: Affordable and Clean Energy for all.
Delphos served as the joint advisor on the transaction, leveraging its extensive network and expertise to secure critical capital. With a track record of arranging over $20 billion in development finance since 1987, Delphos is uniquely positioned to support PowerGen’s ambitious expansion.
“It is Delphos’ mission to contribute to universal access to clean energy by 2030, accelerating electrification, enhancing energy efficiency, and increasing investments in renewable energy,” said Bart Turtelboom, Chairman and CEO of Delphos. “Finding innovative financial solutions helps unlock critical financing for impactful development projects like PowerGen’s, fostering sustainable growth in sectors essential for economic advancement.”
Delphos will continue its advisory role, working exclusively with PowerGen to secure additional financing in 2025, ensuring the platform’s scalability and long-term success.
Africa’s energy deficit remains a critical barrier to economic growth and development, with over 600 million people lacking access to electricity. PowerGen’s platform represents a scalable and sustainable model to address this challenge.
By deploying renewable energy solutions, the company not only bridges energy gaps but also supports the transition to a low-carbon economy. Turtelboom applauded PowerGen for playing a “pivotal role in supporting emerging markets to achieve the UN SDG Goal 7 Affordable and Clean Energy.”
The initiative has garnered attention beyond Africa, with investors recognizing its potential to set a precedent for energy access in other regions. The success of this platform could inspire similar collaborations, driving global efforts to combat energy poverty.
PowerGen’s innovative approach has earned it widespread recognition, including a spot on the Financial Times’ list of Africa’s Fastest Growing Companies in 2024, where it ranked 5th in the Energy & Utilities sector. With offices in Kenya, Nigeria, Sierra Leone, and the DRC, the company is strategically positioned to implement its vision.
