Octopus Energy Generation has announced a plan to catalyze $450 million in investments for African renewable energy, joining a massive global coalition that raised $17.8 billion (€15.5bn) during the G20 Leaders’ Summit in Johannesburg.
The British energy giant joined forces with the European Commission, the Republic of South Africa, and Global Citizen for the Scaling Up Renewables in Africa campaign. Octopus stands out as the only British business contributing to the initiative, which has been described as the largest coordinated effort ever to expand clean energy infrastructure across the continent.
Through its Power Africa Initiative, Octopus aims to deploy funds into solar and wind generation, as well as critical grid infrastructure and distributed assets designed to connect generation directly to businesses and households. The initiative targets powering 1.1 million people.
Zoisa North-Bond, CEO of Octopus Energy Generation, highlighted the disparity in global energy financing as a key driver for the commitment.
“Africa’s renewables story goes beyond energy access – it’s also about investing smartly to unleash prosperity,” North-Bond said. “With 60% of the world’s solar potential, Africa sees only 2% of global renewables investment. We’re changing this.”
The pledge builds on Octopus Energy’s recent track record in the region. The company recently invested in MOPO, a pioneer in portable solar-powered batteries for off-grid communities. Additionally, in partnership with the Akuna Group, Octopus is currently constructing Sierra Leone’s first-ever wind farm on Sherbro Island.
The wider campaign unites governments, investors, and civil society to unlock Africa’s clean energy potential.
“Despite extremely difficult geopolitical conditions, the Scaling Up Renewables in Africa campaign has shown that international cooperation remains possible when countries take responsibility,” said Michael Sheldrick, Co-Founder and Chief Policy Officer at Global Citizen.
