Octopus Energy joins EU's €15bn pledge for clean energy in Africa

An initiative called Scaling Up Renewables in Africa has raised €15.5 billion ($17.8 billion) to power clean energy across the continent. 

The year-long campaign was formed by the European Commission, the Republic of South Africa and the organisation Global Citizen, which aims of tackle poverty.

The financing was raised via public and private sector contributions during the G20 Leaders’ Summit in Johannesburg, South Africa.

Octopus Energy is the only British business contributing to the global campaign, leveraging its Power Africa Initiative to catalyse $450 million. In addition to new solar and wind generation, the Power Africa Initiative will focus on a range of clean-energy investments, including grids, distributed assets and technologies that connect generation with consumers.

The European Union led the pledging effort, with more than €15.1 billion ($17.5 billion). 

This includes a pledge made by the European Commission’s President Ursula von der Leyen, on behalf of Team Europe, of over €10 billion ($11.6 billion), as well as significant additional bilateral contributions by European financial institutions, Member States and their Development Finance Institutions, and estimated private investment mobilised.

The 'Scaling Up Renewables in Africa' campaign, organised in collaboration with the international advocacy organisation Global Citizen and with the policy support of the International Energy Agency, aimed at driving investment to support the clean energy transition in Africa, expand access to electricity, and promote the continent’s sustainable economic growth and decarbonised industrialisation. 

Von der Leyen said: “Today, the world has stepped up for Africa. With €15.5 billion, we are turbocharging Africa's clean-energy transition. Millions more people could gain access to electricity; real, life-changing power for families, for businesses, for entire communities. 

“This investment is a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe. President Ramaphosa and I both look forward to a clean-energy future for the continent. A future led by Africa, with strong support from its friend and partner, Europe."

The Scaling Up Renewables in Africa campaign, which brought together governments, investors, and businesses, marks the largest coordinated effort to expand renewable energy and grid infrastructure across Africa, says Octopus.

The campaign was launched in November 2024 in Rio de Janeiro by von der Leyen and South African President Cyril Ramaphosa. Its aim was to drive new commitments on policy and finance from governments, financial institutions, the private sector and philanthropists. 

The campaign also created momentum more broadly towards the ambitious targets of tripling renewable energy and doubling energy efficiency worldwide, set at COP28.

Currently, 600 million people still lack access to electricity in Africa. With Africa's population set to double by 2050, providing affordable, sustainable energy is crucial for both the continent's development and global climate goals. 

Africa holds 60% of the world's best solar resources, offering a significant opportunity for renewable energy. Despite this, the continent attracts only 2% of global energy investment, and faces challenges like high capital costs, limited investment, geographic barriers, and supply chain constraints.

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Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Africa’s renewables story goes beyond energy access – it’s also about investing smartly to unleash prosperity. With 60% of the world’s solar potential, Africa sees only 2% of global renewables investment. 

“We're changing this: unlocking up to $450 million through our Power Africa Initiative to power 1.1 million people and helping to convert the continent's abundant clean energy potential into shared economic prosperity."

Michael Sheldrick, Co-Founder and Chief Policy, Impact & Government Affairs Officer at Global Citizen, said: “Despite extremely difficult geopolitical conditions, the Scaling Up Renewables in Africa campaign has shown that international cooperation remains possible when countries take responsibility. 

“This partnership demonstrates how governments, business and civil society can work together to accelerate renewable energy – from generation to grids and technology.”

With the financing, numerous clean energy projects will be supported, including in such countries as Madagascar, Malawi, Benin, Zambia, Cote d’Ivoir, Democratic Republic of Congo, Uganda, Burundi, Morocco, Tunisia, and Egypt, as well as projects on the regional level.