GJO & Partners

Energy funding in Africa: investors, tickets and countries

Who finances Energy in Africa, where, at which stage and with which tickets: every figure below is computed from the funding deals recorded on the platform.

192

deals recorded

63

over 12 months

15 M$

median disclosed ticket

171

identified investors

Key findings

  • 192 funding deals recorded (Energy) since 2005, involving 149 companies and 171 identified investors. 63 of them over the last 12 months (45 the previous year).
  • Median disclosed ticket: 15 M$; half of the deals fall between 5 M$ and 64 M$ (125 amounts disclosed out of 192, 34.4 bn $ in total).
  • Where the money goes: Kenya (26 %), Nigeria (24 %), South Africa (18 %).
  • Most frequent stage: Growth (33 %); most used instrument: Equity (47 %).
  • Most active investors: Acumen (10), IFC (International Finance Corporation) (10), British International Investment (9).
  • 31 % of deals are syndicated (at least two investors around the table).

Countries

  • Kenya50
  • Nigeria47
  • South Africa34
  • Cameroon12
  • Côte d'Ivoire8

Industries

  • Off-grid solar and solar kits35
  • Electric mobility34
  • Oil and gas (upstream and gas infrastructure)21
  • Renewable power plants: solar, wind, hydro, geothermal, biogas20
  • Commercial & industrial energy18

Stages

  • Growth64
  • Debt49
  • Seed16
  • Series A9
  • Pre-Seed6

Instruments

  • Equity90
  • Senior debt55
  • Quasi-equity4
  • Grant4
  • Mezzanine debt3

Deals per year

YearDealsDisclosed amounts
20215500 M$
20221080.7 M$
20235109 M$
2024452.9 bn $
2025462.4 bn $
20265427.1 bn $

Most active investors

Latest deals

CompanyDateDisclosed amountsLead
Raffinerie de Lamu (East Africa Oil Refinery)Oil and gas (upstream and gas infrastructure) · Kenya · GrowthSept 202616 bn $undisclosedsource
Seplat Energy PlcOil and gas (upstream and gas infrastructure) · NigeriaSept 2026undisclosedundisclosedsource
Nayo Tropical TechnologyMini-grids and rural electrification · Nigeria · DebtSept 20268.6 M$IFC (International Finance Corporation)source
SunCultureProductive use: solar cooling and pumping · Kenya · DebtSept 202610 M$Mirova Natural Capitalsource
Sun King (Zambie)Off-grid solar and solar kits · Zambia · GrowthSept 20265 M$Acumensource
SpiroElectric mobility · Kenya · DebtSept 202618 M$Africa Go Green Fund (AGG)source
Dangote Petroleum Refinery & PetrochemicalsOil and gas (upstream and gas infrastructure) · Nigeria · GrowthSept 20261.6 bn $undisclosedsource
Arc Ride LtdElectric mobility · KenyaSept 2026undisclosedProparcosource
ARC RideElectric mobility · Kenya · DebtSept 202633.3 M$Novastar Venturessource
Socadel (ex-Eneo)Power transmission and distribution · Cameroon · DebtSept 2026350.6 M$General Bank of Cameroon (ex-Société Générale Cameroun)source
EV.TechElectric mobility · Côte d'Ivoire · GrowthAug 2026undisclosedEnko Capitalsource
M-KOPA KenyaElectric mobility · Kenya · DebtJul 202630 M$FMOsource
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See also

Method: published funding deals (press releases, specialised media), recorded by Invest Matching's news monitoring and reviewed before integration. Amounts in US dollars; deals without a disclosed amount count in the totals, not in the medians.