The investment arm of UK-based clean energy developer Octopus Energy Group, is partnering with South Africa-based Pembani Remgro Infrastructure Managers to invest in clean energy projects on the continent. Octopus is looking to raise $250 million for rooftop solar, battery storage, electric vehicle charging infrastructure and grid upgrades.
“Africa is abundant with clean energy potential – enough to build the next-generation renewable powerhouse and a greener, fairer future fueled by sunshine and wind,” said Octopus’ Zoisa North-Bond. The partners did not disclose Octopus Energy Power Africa Fund’s early investors.
Family of funds
Octopus Energy Generation says it manages 11 funds that have mobilized £3 billion from institutional investors. Four of its funds are actively raising, including Luxembourg-domiciled Octopus Renewables Infrastructure SCSp, which was anchored by UK pension provider Nest. Octopus Energy Power Africa Fund is the renewable energy group’s first fund in Africa.
Africa portfolio
Octopus Energy Generation last year announced a partnership with actor Idris Elba to set up a wind farm in Sierra Leone. The project will involve local universities to train youth for the wind farm’s maintenance.
Octopus Energy Group made a strategic investment in UK-based MOPO, which provides pay-per-use batteries for lighting and household appliances, as well as e-bike battery-swapping, in West Africa.
