Major private sector players have announced billions in new investment to accelerate Africa’s clean energy transition, unveiling ambitious commitments at the Global Citizen Scaling Up Renewables in Africa event on Friday.
The pledging session, led by Sabrina Dhowre Elba -- activist, CEO and chair of the Global Citizen Europe Board -- set an energetic tone, as she highlighted the momentum already created by governments in earlier sessions. She underscored the urgent need for private sector leadership to match that ambition.
“In addition to governments, the private sector is going to be absolutely central to driving Africa's clean energy transition and ending extreme poverty in our lifetime. And in today's global geopolitical climate, we can no longer rely only on official development assistance or traditional foreign aid. The world has changed, our challenges have grown more complex, and the scale of the opportunity has grown with them. That's why we need new, ambitious investors. We need cross sector collaborations,” she said.
Elba said the world now needs bold, innovative partnerships that can act with urgency and deliver impact at scale because when it comes to energy access and climate resilience, slow, incremental progress is no longer sufficient.
She added that many of the global organizations represented in the room remain some of the most powerful multinational actors and when their innovation and financial strength combine with the entrepreneurial dynamism of Africa’s markets, the result is transformative. It opens the door to new projects and new possibilities.
“We create jobs, we accelerate access to affordable clean electricity for millions of people, powering homes, powering businesses and powering the next generation of African growth,” she said.
Harith General Partners: Scaling to 5GW for 850 000 Households
Announcing one of the day’s most significant pledges, CEO of Harith General Partners, Sipho Makhubela, committed to scale the firm’s energy output from 1.5 gigawatts to 5 gigawatts over the next five years.
He said the company’s expanded renewable pipeline expected to support 850,000 households represents not just investment but dignity, productivity and opportunity.
“For us, these are us, you and us, our children, who this investment is going to give hope to as we make Africa’s future brighter. We are all about ensuring Africa's economies have the adequate energy to industrialise,” Makhubela said.
ENERTRAG South Africa: R32 Billion for 1.2GW and Green Hydrogen
CEO of ENERTRAG South Africa, Enos Banda fulfilled a personal commitment he made to President Ramaphosa in 2019, pledging 1.2 gigawatts of renewable investment valued at R32 billion (about €1.5 billion).
He said the commitment will electrify the equivalent of 800,000 homes and support 2.8 million people, while anchoring critical jobs in Mpumalanga and catalysing South Africa’s emerging green hydrogen economy.
“This commitment will deliver clean energy to meet South Africa's growing energy needs… and firmly announce South Africa as a key nation in global clean energy competitiveness,” he said.
Octopus Energy: $450 Million for a Power Africa Initiative
CEO of Octopus Energy for Business and Octopus Energy Generation, Zoisa North-Bond, unveiled a combined $450 million investment through the company’s new Power Africa initiative including $250 million in unlocked capital and an additional $200 million for renewable generation.
The investment is expected to power 1.1 million people, the equivalent of a city the size of Mombasa.
“Technology and innovation can drive down costs and unlock huge opportunity…But beyond the numbers, this commitment represents growth, jobs, lower energy costs and shared prosperity, turning abundance potential into reliable power for millions across Africa.
“We're proud to stand with global citizen and our partners in this vital mission, and we call on innovators, investors and governments everywhere, to join us in scaling renewables across Africa,” she said.
Genesis Energy: Up to 10GW Across Africa
In one of the most expansive long-term commitments, Genesis Energy Group pledged to develop and deploy up to 10 gigawatts of renewable energy across Africa over the next decade representing $8.5 billion to $10 billion in capital deployment.
Executive Vice President Melissa Fadzai Sikwila said the commitment would deliver 500MW annually and reach more than 33 million people, while creating around 250,000 construction jobs and tens of thousands of long-term positions, prioritising young people and women.
“Beyond the numbers, this is about transforming communities, powering hospitals, enabling small businesses and unlocking the clean energy future Africans deserve,” she said.
CrossBoundary Energy: $1 Billion Target and New Capital Inflows
Tessa Lee, Chief Regulatory Officer at CrossBoundary Energy, highlighted the company’s mission to decarbonise African industry, unveiling a path to unlocking $1 billion in renewable projects by 2030.
Backed by $200 million in new senior debt commitments, CrossBoundary is scaling projects already transforming African industrial hubs from solar powering some of the continent’s largest mines to pioneering wind in Madagascar.
“We can create a future where every African business has access to reliable, sustainable and affordable power,” she said, urging strong regulatory frameworks and investment partnerships to match project ambition.
A turning point for Private Investment in Africa’s Energy Future
The pledges mark one of the most substantial showings of private-sector commitment to Africa’s energy transition in recent years, reinforcing calls from African leaders and global partners to accelerate clean energy deployment beyond promises and into implementation.
With billions committed and gigawatts promised, Global Citizen’s campaign has signalled a new era of cross-sector collaboration, one that could reshape energy access, industrial growth and climate resilience across the continent. – SAnews.gov.za
