Africa50 secures $71 million for renewable energy fund

Africa50 has secured $71 million in commitments for its Distributed Renewable Energy Fund, which aims for a final target size of $200 million. The fund is designed to provide equity to companies specializing in decentralized energy solutions, including mini-grids, standalone solar systems, commercial and industrial solar, clean cooking, and electric mobility.

Key contributors to the fund include the International Solar Alliance, the Nigeria Sovereign Investment Authority, and the World Bank Group. The capital is intended to address financing gaps that hinder the growth of companies providing electricity to communities and businesses not adequately served by national grids.

In conjunction with this funding, Africa50 has appointed Cheick-Oumar Sylla as CEO of its Project Development Fund. This initiative follows a previous $500 million Nigeria-focused fund launched in March 2025, which was co-managed by Africa50 and the NSIA.