Delphos was selected as the specialist advisor to PowerGen Renewable Energy (“PowerGen”) on the equity raise of a renewable energy platform to increase energy access across Africa. The first closing on the transaction was reached in January 2025 and will catalyze additional equity and debt capital later in 2025.
This crucial capital, sourced from leading international impact investors including InfraCo, IFU, EDFI, AfDB’s SEFA, and PIDG, will accelerate PowerGen’s mission to bring reliable, sustainable electricity to households and businesses in Nigeria, Sierra Leone, and the Democratic Republic of Congo, with a target to scale to the wider Sub-Saharan Africa region.
Specifically, the funds will support the establishment of a scalable, distributed renewable energy platform, targeting the deployment of 120 MW of renewable power solutions, including battery energy storage. For more than thirteen plus years, PowerGen has been at the forefront of delivering clean energy solutions to African residential, community, and industrial clients. Its core business lines include large-scale mini-grids, as well as C&I solutions that offer significant energy savings to clients. PowerGen addresses the unique challenges of African energy markets, where decentralized, localized solutions often surpass the reliability and reach of national utilities.
This new capital injection supports PowerGen’s mission to bring clean, affordable energy to underserved areas, aligning with the United Nations Sustainable Development Goals, by helping to achieve universal access, while supporting the transition to a low-carbon economy.
Delphos served as joint advisor on this transaction. Delphos will continue to support PowerGen on an exclusive basis in securing additional equity and innovative debt finance later this year.
Aaron Cheng, CEO of PowerGen, stated: “We are excited to partner with leading impact investors on this transformational transaction to scale renewable energy across Africa. We are grateful to the investors for their collaboration and appreciate Delphos’ support in arranging the transaction.”
Bart Turtelboom, Chairman & CEO of Delphos, concluded: “We applaud PowerGen who continues to play a pivotal role in supporting emerging markets to achieve the UN SDG Goal 7 – Affordable and Clean Energy. 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. Finding innovative financial solutions helps unlock critical financing for impactful development projects like PowerGen’s, fostering sustainable growth in sectors essential for economic advancement. We appreciate their trust and look forward to continuing our work with PowerGen across our team globally.”
About PowerGen: PowerGen is a leading renewable energy platform across Africa, with offices in four countries (Kenya, Nigeria, Sierra Leone and DRC). PowerGen owns and operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable power. In 2024, PowerGen was listed as one of the Financial Times’ Africa’s Fastest Growing Companies! PowerGen ranked 40th in the overall rankings and 5th in the Energy & Utilities sector. For more information: https://www.powergen-re.com
About Delphos:
Delphos is the definitive source for arranging innovative financial solutions for development companies and projects. We specialize in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide. Since 1987, we have arranged more than $20 billion in development finance to support the efforts of over 1,200 companies. We tap into the resources of more than 350 government agencies and multilateral organizations worldwide to help clients realize their international business goals and have sustainable impact. In addition to our capital raising efforts, Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. We are approved advisors to AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities.
For more information: https://www.delphos.co
Contact Information:
Name: Caroline King
Email: [email protected]
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