U.K.-based Octopus Energy has kicked off a new fund that aims to invest in renewable energy infrastructure in Africa, according to Innovation Village.
The Octopus Energy Power Africa Fund is launching with $60 million, with the goal of reaching $250 million over the next three years. This money will go towards rooftop solar, battery storage, electric vehicle charging infrastructure, grid upgrades, and other related projects.
Pembani Remgro Infrastructure Managers will act as a local partner for the fund. Octopus sees massive potential in the continent. One study suggests Africa has 39% of the renewable energy potential worldwide.
Investing in green tech is a promising bet. Renewable energy investment is on the rise worldwide. States themselves are getting involved, with the Nigerian government pouring $500 million into local renewables.
Other investors expect the renewable energy market in Africa to reach $193 billion by 2031. Meanwhile, investments in fossil fuels are flat or falling. Investors are likely to see good returns on putting their money into solar power, but there are broader economic benefits as well.
Research has indicated that South Africa enjoyed GDP gains as a result of new renewable energy installations, for example.
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Replacing fossil fuel energy sources means less atmospheric pollution, fewer droughts and floods, and less economic fallout from those natural catastrophes. Problems like destroyed real estate, uninsurable property, and failing crops have wide-reaching financial consequences.
While the Energy Power Africa Fund is still in its early stages, Octopus is optimistic about attracting more investors.
"With the Octopus Energy Power Africa Fund, we're offering a new gateway into a region where demand is soaring," said Ashleigh Gray, director of the Octopus Energy Power Africa Fund.
"This is an incredible opportunity for forward-thinking investors to support transformative clean energy projects and grow with one of the world's most exciting markets."
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