Octopus Energy Generation have today officially launched the Octopus Energy Power Africa Fund (OEPA). This is an important first step on the journey to creating a renewable energy boom across Sub-Saharan Africa. The company has committed a start-up balance of $60 million to this fund. Their goal is to increase that to a cumulative $250 million over the next three years. This program focuses specifically on climate resilience projects and building climate-informed agencies. It prioritizes a combination of rooftop solar installations, battery storage solutions, electric vehicle charging infrastructure and smart grid upgrades.
Fuelled by $22m investments from Octopus Energy Generation, the OEPA fund is aimed at meeting the continent’s pressing energy needs through innovative financing solutions. In fact, many of these communities remain off the map of traditional power grids. AECF’s CEO Zoisa North-Bond took the opportunity to remind the audience of Africa’s unparalleled potential renewable energy sources. She continued, “Africa is blessed with clean energy resources – more than enough to establish the next-generation renewable superpower and a greener, fairer future powered by sun and wind.” We collaborate with hands-on local specialists such as Pembani Remgro Infrastructure Managers. Collaboratively, we hope to speed along this bright green future and open up new clean economy opportunities.
Targeting Sub-Saharan Africa
Projects funded by the OEPA fund must focus exclusively on Sub-Saharan Africa. This region is cornered by an incredible demand for energy and a huge supply constraint. Despite being home to almost 40% of the world’s renewable resources, Africa has lured just 2% of global clean energy investment. Octopus Energy Generation hopes to address this situation. They pump billions in direct and technical assistance into communities to drive projects that improve energy access and realize other sustainable development benefits.
Octopus Energy Generation recently completed a strategic investment in MOPO. This social mission-driven company is focused on long-term innovations in solar battery technology with off-grid communities in mind. This investment aligns with the fund’s broader objectives of promoting environmental sustainability and supporting regions that face significant energy challenges.
Opportunities for Investors
That OEPA fund presents a hell of a deal for investors. More importantly, it engages them into the frontlines of transformative clean energy projects for their communities. Ashleigh Gray, a representative from Octopus Energy Generation, noted the significance of this initiative: “With the Octopus Energy Power Africa Fund, we’re offering a new gateway into a region where demand is soaring. 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.”
Today, Octopus Energy Generation is significantly scaling their ambition in renewable energy. As one example of this strategy in action, the company recently announced plans to build 20 solar farms across South Korea. The OEPA fund is more than an investment. It positively purports to achieve a sustainable future for the most marginalized communities.