PowerGen receives investment from Shell, others to boost clean energy access in Nigeria, others

PowerGen Renewable Energy (PowerGen), one of the micro-utilities companies in Africa, has signed a Series B investment with funding from Shell’s New Energies business, as well as Omidyar Network, Acumen, Renewable Energy Performance Platform (REPP), EDFI ElectriFI, Sumitomo Corporation, DOB Equity, and Micro-grid Catalytic Capital Partners (MCCP).

The funding will strengthen PowerGen’s position in its core African markets Kenya, Tanzania, Sierra Leone and Nigeria, and help it expand into new ones, as the demand for reliable, clean and affordable electricity in Africa continues to grow.

PowerGen aims to connect one million more people to reliable electricity over the next five years, before accelerating its reach in future.

Over 600 million people in Africa lack access to electricity, of which approximately 80% live in rural areas (according to the International Energy Agency).

PowerGen has been one of the pioneers of the private utility sector in Africa, delivering affordable, reliable and clean electricity to underserved Africans through modern, sustainable mini-grids. It also provides ongoing customer support through dedicated maintenance and customer services.

This approach is, in turn, helping to reduce poverty by supporting economic development and contributing to a clean electricity system in Africa.

 

Source: Independent

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