Lagos, Nigeria, February 17, 2026 – Electron Intelligence (EI) today released Africa’s Power and Energy Transition Investment Report 2025, tracking $13.84 billion of disclosed investment activity across 306 deals in 43 African countries in 2025.
KEY TAKEAWAYS
- Electron Intelligence’s Africa’s Power and Energy Transition Investment Report 2025 tracks where capital meets electrons across Africa’s power system, mapping capital flows, business models, and infrastructure build-out.
- $13.84 billion of tracked deal value across 306 deals in 43 countries, backed by 142 investors, with big-ticket electricity transactions setting the tone for the year.
- Clean Electrons dominated, reaching $13.61 billion across 279 deals in 43 markets, representing 98.3% of total tracked deal value.
- Within Clean Electrons, capital is concentrated in Generation ($8.15 billion) and Enablers ($2.41 billion), with Grid and Networks ($1.56 billion) and Access ($834 million) following, while Storage and Flexibility ($666 million) remained selective.
- The year was anchored by a small number of large tickets, including Geregu Power ($750 million), OCP Programme ($520 million), and the AfDB Nigeria reform package ($500 million).
- AfDB ($1.77 billion), World Bank ($1.05 billion), and Standard Bank ($922 million) led volume, while the top 10 investors accounted for $7.42 billion across 112 deals in 34 countries.
- On the project side, EI tracked 322 projects across 47 countries, with 74,461 MW of total capacity announced and 14,589 MW recorded as installed capacity in 2025, highlighting a widening gap between what is announced and what is deliverable.
The report finds that capital concentrated in transactions with clearer offtake, risk allocation, and execution readiness; especially where repeatable platform and program structures reduced delivery risk.
The year’s investment activity was shaped by repeatable, financeable structures rather than headline pipeline announcements. EI’s findings highlight recurring “deliverability” constraints, including FX convertibility pathways, collections, grid access and curtailment exposure, permitting readiness, and import and logistics friction, as the factors most consistently separating announcements from financed and delivered outcomes.
“Africa’s 2025 investment story was not about who announced the most capacity, it was about who could structure deals that clear,” said Joseph Ibeh, Managing Director, Electron Intelligence (EI). “The $13.84 billion we tracked concentrated in bankable platforms, sovereign-backed programs, and large-ticket electricity transactions where risk could be priced and absorbed.”
Clean Electrons accounted for $13.61 billion, or 98.3% of total tracked deal value, reinforcing that Africa’s energy transition finance remains primarily a power and grids story. Within Clean Electrons, Generation attracted $8.15 billion, while Enablers drew $2.41 billion, indicating that investors increasingly funded the platforms and intermediaries that unlock scale alongside new capacity. Grid and Networks reached $1.56 billion, reflecting targeted network reinforcement where constraints directly gate generation and offtake.
Financing patterns also underscored risk discipline. Across the full dataset, debt totalled $9.06 billion and equity totalled $2.49 billion, while concessional and risk-sharing tools remained material, including $1.18 billion in grants, $657 million in guarantees, and $457 million in blended finance. The report also tracked $1.4 billion across 15 M&A deals, signalling selective consolidation and scaled-asset acquisitions rather than a broad shift toward exits.
“The allocation pattern is consistent with a build-out phase: capacity first, enabling infrastructure second, optimisation last,” said David Oni, Head of Research, Electron Intelligence (EI). “We see the next unlock in networks and integrated projects, where 7.7 GW is already tracked and 4.5 GW is under construction, but delivery will remain gated by interconnection, permitting, and bankable offtake rather than technology.”
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On the project pipeline, EI tracked 322 projects and 74,461 MW of announced capacity across 47 markets but recorded 14,589 MW of installed capacity in 2025. The report finds that headline planned capacity remains skewed by a small number of mega-projects, including Inga III (4,800 MW) and Sun King hybrid programs (4,000 MW), inflating pipeline totals while reinforcing that the binding constraint is often the set of “permission gates” that move projects from planned to under construction.
Other key findings from the report include:
- Deal-type mix: Project finance ($5.78 billion) led tracked value, followed by Government and sovereign programs ($3.60 billion), Corporate finance ($3.04 billion), and M&A ($1.4 billion).
- Investor concentration: The top 10 investors reached $7.42 billion across 112 deals in 34 countries, led by AfDB ($1.77 billion), World Bank ($1.05 billion), and Standard Bank ($922 million).
- Country concentration: The top 10 countries accounted for $9.88 billion, or 73% of total tracked deal value, across 142 deals, led by South Africa ($2.16 billion), Egypt ($1.95 billion), Nigeria ($1.78 billion), and Morocco ($1.38 billion).
- Regional playbooks: Tracked deal value was led by West Africa ($3.92 billion) and North Africa ($3.75 billion), with Southern Africa ($3.14 billion) showing repeatable closing across structures, and multi-country platforms ($1.90 billion) continuing to scale via portfolio and program financing.
- Transport and mobility: Activity totalled $125.8 million across 8 deals in 4 markets, with Vehicles and Fleets at $105.0 million (83%) from 2 deals, while Charging Networks accounted for $20.8 million (17%) across 6 deals, reflecting early rollout capital rather than long-tenor infrastructure finance.
EI’s report tracks public investment activity in 2025 as discrete deals across Africa’s power and energy-transition landscape. The investment dataset covers 43 countries and includes transactions across generation, grids and networks, storage and flexibility, energy access, and adjacent transition activity, with deal structures classified as project finance, government and sovereign programmes, corporate finance, and M&A.
The project pipeline tracker covers renewables and gas across utility, commercial and industrial, and residential markets, and distinguishes project progress by status, including planned, under construction, and operating.
