Africa is witnessing a sharp rise in clean energy investments as governments, development finance institutions, and private investors commit more than $8 billion to renewable energy, grid modernization, off-grid electrification, and energy storage projects across the continent.
Major funding initiatives spanning Egypt, Nigeria, Kenya, Rwanda, South Africa, and Sub-Saharan Africa are accelerating electricity access, expanding solar mini-grids, strengthening transmission networks, and supporting battery storage and green hydrogen projects.
Backed by organizations including the International Finance Corporation (IFC), European Union, African Development Bank (AfDB), European Investment Bank (EIB Global), and leading private investors, these projects aim to improve energy security, connect millions of households and businesses to reliable electricity, reduce carbon emissions, and drive Africa’s long-term transition toward a resilient, low-carbon energy economy.
CrossBoundary Access secures USD 10 million from IFC for off-grid electricity access
CrossBoundary Access has secured a USD 10 million financing package from the International Finance Corporation (IFC) to expand off-grid electricity solutions across Africa. The investment will support the deployment of mini-grids and distributed renewable energy systems, improving electricity access for underserved communities and businesses. The financing aims to accelerate private-sector investment in decentralized energy infrastructure, strengthen energy security, and support sustainable economic development. By scaling clean energy projects, CrossBoundary Access intends to increase reliable electricity availability, reduce dependence on fossil fuels, and contribute to Africa’s electrification goals while supporting inclusive and climate-resilient growth.
Green Guarantee Company mobilizes USD 70 million for electrification projects in Africa
The Green Guarantee Company (GGC) has mobilized USD 70 million to support electrification projects across Africa by providing guarantees that reduce investment risks for clean energy developers and financiers. The funding is designed to unlock additional private capital for renewable energy and electricity access initiatives, particularly in underserved markets. By improving project bankability, GGC aims to accelerate investments in sustainable infrastructure, expand electricity access, strengthen climate resilience, and promote economic development. The initiative supports Africa’s energy transition by encouraging greater participation from commercial lenders while helping governments achieve electrification and decarbonization objectives across the continent.
Zafiri raises USD 176 million for off-grid electrification in Sub-Saharan Africa
Zafiri has launched commercially with USD 176 million to accelerate off-grid electrification across Sub-Saharan Africa through private-sector distributed renewable energy investments. Managed by Inspired Evolution, the platform will provide long-term equity to decentralized renewable energy companies delivering electricity and clean cooking solutions. Zafiri targets more than 10 million new electricity connections by 2030, increasing to at least 30 million over its lifetime. Founding investors include IFC, the African Development Bank Group, The Rockefeller Foundation, Trade and Development Bank Group, Nordic Development Fund, and the John D. and Catherine T. MacArthur Foundation, supporting broad energy-access expansion.
European Union provides €690 million to modernize Egypt’s power grid and integrate 22 GW of renewables by 2030
The European Union and Egypt have agreed on a €690 million financing package, including a €600 million loan from EIB Global and up to €90 million in European Commission grants, to modernize Egypt’s electricity grid. The package covers 44 percent of the €1.568 billion program, while Egypt contributes approximately €878 million. The project will enable the integration of 22 GW of solar and wind capacity by 2030, supply electricity to around 10 million households, strengthen transmission infrastructure, improve grid reliability, and support electricity interconnections with Cyprus and Greece, enhancing regional clean energy trade.
Egypt: Scatec Plans US$5 Billion Investment in Clean Energy and Green Economy
Norwegian renewable energy company Scatec plans to invest up to US$5 billion in Egypt over the next two years to accelerate the country’s clean energy transition. The investment will support renewable energy-powered desalination plants, green data centers, solar and wind power projects, battery energy storage systems (BESS), and other green transition infrastructure. Discussions took place with Prime Minister Mostafa Madbouly, Scatec CEO Terje Pilskog, and other officials. Scatec also highlighted progress on the Obelisk project in Qena, one of Africa’s largest solar and energy storage developments, while exploring further opportunities in green hydrogen, green ammonia, and sustainable infrastructure.
Standard Chartered-Backed KSh6.47 Billion Green Bond to Power Kenyan Households
A KSh6.47 billion green bonds, supported by Standard Chartered, will finance clean energy projects aimed at expanding electricity access for thousands of Kenyan households. The proceeds will fund renewable energy infrastructure, including solar home systems and mini-grids, while helping reduce carbon emissions and dependence on fossil fuels. The initiative seeks to mobilize sustainable finance for affordable, reliable electricity, stimulate green investment, create employment opportunities, and strengthen Kenya’s energy transition. The bond demonstrates growing investor confidence in climate finance and supports the country’s objectives of increasing renewable energy adoption, improving energy security, and expanding access to clean electricity in underserved communities.
AfDB Targets Nigeria’s Electricity Gap with New Solar Push for Off-Grid Communities
The African Development Bank (AfDB) is strengthening efforts to reduce Nigeria’s electricity deficit by expanding solar energy solutions for off-grid communities. The initiative supports rural electrification through solar mini-grids and standalone solar systems for households, businesses, schools, and public institutions. The programme complements Nigeria’s Electrification Project, approved with a total cost of 526.635 million UAC, including 105.327 million UAC from AfDB and 421.310 million UAC in co-financing. The strategy aims to improve electricity access, promote clean energy adoption, stimulate economic growth, and provide reliable power to underserved communities across Nigeria.
Nigeria Cold-Chain Startup Attracts US$1 Million Investment
Nigeria’s solar-powered cold-chain startup Eja-Ice Nigeria Limited has secured a US$1 million investment from All On, an impact investing company focused on renewable energy access. The funding will expand the company’s manufacturing capacity and operational scale, enabling wider deployment of solar-powered refrigeration and cold-chain infrastructure in off-grid and weak-grid markets. The investment aims to improve reliable cooling services for households, small businesses, healthcare facilities, and institutions while reducing food losses, supporting agricultural value chains, enhancing energy access, and promoting sustainable economic development through clean, renewable energy-powered cold storage solutions across underserved Nigerian communities.
Africa’s Largest Solar Mini-Grid Operator Secures $31 Million for Nigeria Expansion
Africa’s largest solar mini-grid operator, WeLight, has secured $31 million in new funding to accelerate its expansion into Nigeria. The investment follows the International Finance Corporation (IFC) acquiring an equity stake alongside existing shareholders. The financing supports WeLight’s plan to expand electricity access in underserved communities through solar mini-grids. The announcement follows a separate $200 million agreement signed with the Nigerian government to deploy 400 mini-grids and 50 MetroGrids, providing reliable electricity to approximately 1.5 million to 2 million people. The expansion aligns with Nigeria’s broader $750 million renewable electrification programme targeting 1,350 solar mini-grids, including 250 under new initiatives.
Rwanda Seeks $1 Billion in Private Investment for Energy Generation
Rwanda is seeking to mobilise $1 billion in private-sector investment to double its electricity generation capacity and achieve universal energy access by 2030. The investment drive was presented during the Africa Energy Forum (AEF) 2026 in Cape Town, South Africa, where government representatives highlighted opportunities for independent power producers and strategic energy partnerships. The country aims to expand renewable energy generation while strengthening transmission and distribution infrastructure to meet rising electricity demand driven by industrialisation and economic growth. The initiative is expected to accelerate sustainable development, improve energy security, attract international investors, and support Rwanda’s long-term clean energy transition objectives.
Stage Zero Forms Solar Backup Power Funding Platform with FirstRand Securitisation
Stage Zero has partnered with FirstRand Securitisation to establish a financing platform that accelerates the deployment of solar and battery backup power systems across South Africa. The initiative is designed to provide scalable funding for residential, commercial and industrial customers seeking reliable clean-energy solutions amid ongoing electricity supply challenges. By combining Stage Zero’s energy expertise with FirstRand Securitisation’s structured finance capabilities, the platform will reduce upfront capital barriers and expand access to distributed renewable energy systems. The partnership aims to support faster adoption of solar backup installations, strengthen energy resilience, improve electricity reliability and contribute to South Africa’s clean energy transition.
SHAFANA FAZAL