Octopus Energy Generation, the renewables investment arm of UK-based Octopus Energy, has launched a new fund to accelerate clean energy development across Africa.

The Octopus Energy Power Africa (OEPA) fund has secured an initial $60 million (£47 million) in commitments and aims to raise up to $250 million over the next three years.

The fund will invest in clean energy solutions across the continent. According to the company, Africa holds around 40% of the world’s renewable energy resources but attracts only 2% of global energy investment.

As part of the launch, Octopus is partnering with African investment specialist Pembani Remgro Infrastructure Managers to develop a model that enables greater access to green investment in emerging markets.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Africa is abundant with clean energy potential, enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind.”

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