Transaction Summary
The Investment Fund for Developing Countries (IFU) committed $15 million in equity financing to PowerGen Renewable Energy (PowerGen). Founded in 2011, PowerGen is an on-grid and off-grid distributed energy developer with more than 3MW of installed capacity across 10 countries, serving 20,000 customers, and is also a private sector partner of Power Africa, a U.S. government-led partnership that aims to double electricity access in Sub-Saharan Africa. This investment will support the deployment of 120MW of renewable mini-grids, metro-grids, C&I power solutions, and battery storage, benefiting over 68,000 households and 7,000 businesses in the Democratic Republic of the Congo, Nigeria, and Sierra Leone, with plans to expand to other markets. The transaction is a joint investment involving the Private Infrastructure Development Group (PIDG), the EU-funded EDFI ElectriFi, and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA), though their total funding amount remains undisclosed. It also includes additional concessional capital
