African firms partner to establish Pan-African Renewable Energy Fund

Facebook
Twitter
LinkedIn
Reddit
Email
The fund will support the development of solar and storage projects across Africa. Image: Scatec

Investor Harith General Partners and African power provider Anergi Group have partnered to establish the Pan-African Renewable Energy Fund (PAREF) to accelerate renewable energy deployment across Africa and close the continent’s investment gap.

The US$300 million fund aims to bridge the energy access gap across Africa, while contributing to the just transition through targeting renewable and storage projects as a means to decarbonise power systems on the continent.  

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The International Energy Agency (IEA) estimates that closing the energy access gap in sub-Saharan African countries will require an estimated annual investment of US$28 billion from now until 2030, including US$13 billion for mini-grids, US$7.5 billion for grid investments and US$6.5 billion for off-grid investments. 

Similarly, research firm Wood Mackenzie has predicted that electrifying economies in the region will require upwards of US$350 billion of investment, with current levels of investment no where near what is needed.

PAREF will build on Anergi’s operations in the region by developing, financing and executing some of the largest independent power projects in Africa, it said via a media release.

A Harith-backed energy investment vehicle, Anergi’s portfolio comprises five operating assets and a total installed renewable and thermal capacity of 1,413MW, supplying up to 23 million customers across Ghana, Kenya, Nigeria and South Africa. 

Anergi will provide project development expertise and resources, with Harith supplying investment capital. Harith will also monitor development-phase milestones and widen the projects’ access to funding to optimise finance terms. 

“PAREF is an important and urgent response to climate change – by accelerating Africa’s race to net zero, transitioning to a low carbon future and connecting millions of Africans to sustainable, green energy,” said Harith CEO Sipho Makhubela.

“Of the 770 million people without access to electricity, 75% live in sub-Saharan Africa. Coal, oil and biomass continue to play a significant part in Africa’s energy supply chain and the continent remains extremely vulnerable to climate change. PAREF will aim to take Africa’s energy supply into the 21st century to enable the transition to a low-carbon future.”

PV Tech Premium has explored how neo-colonialism in the energy sector has hamstrung Africa’s decarbonisation efforts by neglecting investment in key infrastructure and exporting profits and, in many cases, power abroad.  

Despite this, a recent IEA report showed that solar PV will lead new capacity additions in Africa, reaching a total installed capacity of 125GW by 2030, accounting for over 40% of total power capacity additions, by drawing on the continent’s strong solar resources.  

Read Next

September 10, 2025
A project claimed to be Germany’s largest agriPV plant has been commissioned in the north-east of the country.
September 10, 2025
Voltalia is seeking compensation for the ongoing curtailment of its Brazilian solar and wind fleet, which has exceeded expectations this year.
September 10, 2025
Japanese solar cell manufacturer Toyo Solar has sold 1.6GW of solar PV cells in the first half of 2025, driving revenue of around US$139 million.
September 10, 2025
The CEFC has said that a coordinated approach to transmission in Pilbara, Western Australia, could save more than AU$30 billion over 25 years.
September 9, 2025
The US Solar Energy Industries Association (SEIA) has released a policy blueprint which it claims would “strengthen the reliability of America’s electric grid with solar and storage technologies.”
September 9, 2025
US solar tracker manufacturer Nextracker has acquired Origami Solar, a steel frame technology-focused company, for approximately US$53 million. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines