Distributed solar, mini-grids, and energy-as-a-service infrastructure closing the continent's power access gap.
Access to reliable, affordable power remains the single largest constraint on African industrial and household growth. We build and acquire companies that deliver power directly to homes, businesses, and communities, without waiting on legacy grid expansion.
Hundreds of millions of Africans still live without reliable electricity access, and grid expansion has consistently lagged demand. Distributed solar and mini-grid technology allow capital to bypass that constraint entirely, similar to how mobile phones bypassed fixed-line telephony. The result is a large, structurally under-supplied market with limited need to wait on public infrastructure buildout.
Portfolio companies in this sector generate revenue through solar system sales, mini-grid electricity tariffs, pay-as-you-go energy subscriptions, and commercial and industrial power purchase agreements. Recurring subscription and tariff revenue provides predictable, contracted cash flow layered on top of one-time system sales.
Falling solar hardware costs, improving battery storage economics, and rising mobile-money penetration (which enables pay-as-you-go billing) are all lowering the cost of serving new customers. As grid-connected reliability remains inconsistent even in urban areas, demand for embedded and backup generation continues to expand alongside traditional off-grid demand.
Energy is essential, non-discretionary, and directly enables growth in every other sector we invest in, from cold-chain agriculture to digital commerce. Assets are physical and asset-backed, contracts are typically multi-year, and demand is structurally under-supplied rather than cyclical.
Energy is one of seven sectors in our diversified infrastructure platform.
View All Sectors →