Octopus Energy, a British group active in clean energy technologies, announced on Wednesday, June 18, the launch of its first African energy fund. The goal is to boost investments in one of the most promising renewable energy markets in the world.
With an initial budget of $60 million, this new instrument named “Octopus Energy Power Africa Fund (OEPA)” aims to mobilize $250 million over the next three years. It was launched on the sidelines of the African Energy Forum in Cape Town, South Africa, which opened on Tuesday.
According to its promoters, OEPA is designed to “unlock financing that catalyzes the continent’s huge clean energy potential – bringing together forward-thinking investors to power communities and businesses with green, affordable, and local energy.”
A press release from Octopus Energy states that OEPA plans to invest in revolutionary clean energy solutions – from rooftop solar energy and battery storage to electric vehicle charging infrastructure and network upgrades. As part of this initiative, Octopus Energy Generation is also working with African investment specialist Pembani Remgro Infrastructure Managers (PRIM) to create a smart and practical model that opens new doors for green investments in emerging markets.
It is worth noting that the African energy market is one of the fastest-growing in the world, thanks to unparalleled sunshine and wind resources. The continent is home to approximately 40% of global renewable resources, but only receives 2% of global investments in clean energy.
