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All On, an impact investor company seeded by Shell, has made a mezzanine investment in PowerGen Renewable Energy Nigeria.
PowerGen is a renewable energy platform with offices in Kenya, Nigeria, Sierra Leone and the Democratic Republic of Congo. PowerGen owns and operates renewable energy and distribution utility projects.
The investment will enable PowerGen to deepen its footprint in Nigeria and expand the deployment of renewable energy infrastructure for customers with limited or unreliable access to electricity. It also effectively closes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa and InfraCo.
Caroline Eboumbou, CEO of All On, said: “PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge. This investment reflects our confidence in the company’s ability to build on that experience and take its model further across Nigeria. For us, it is about backing a proven platform with the capital it needs to expand access to reliable power, while creating the conditions for more businesses and communities to participate in Nigeria’s economic growth.”
Oluseye Bassir, investment manager at All On, commented: “What stood out to us about PowerGen is the depth of experience behind the platform and its ability to operate across different renewable energy models. The company has already demonstrated what is possible with interconnected mini-grids, and we see significant potential to replicate and scale that experience in other parts of Nigeria. Our investment alongside the Series C investors gives PowerGen additional capital to move more projects from development into delivery, which of course is where real impact is created.”
Aaron Cheng, CEO of PowerGen, stated: “All On’s investment is a strong endorsement of PowerGen’s platform and our ability to deliver reliable renewable power at scale. Nigeria remains an important market for PowerGen, and this investment will support our continued growth and our mission to expand access to reliable, affordable and clean energy. We are pleased to welcome All On as a strategic investor and look forward to working together to accelerate the deployment of renewable energy across Nigeria.”
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