Gridworks has today announced that it has joined Power Africa as an investment partner. Power Africa is a U.S. Government-led partnership, coordinated by USAID, that brings together the collective resources of over 170 public and private sector partners to double access to electricity in sub-Saharan Africa.
Gridworks is a development and investment platform principally targeting equity investments in Africa’s electricity networks. Backed by CDC Group, the UK’s development finance institution, Gridworks will work alongside Power Africa to increase the availability of vital transmission, distribution and off-grid electricity infrastructure on the continent.
Power Africa partners with African governments, the private sector, international organizations, NGOs, and bilateral and multilateral donors to stimulate investment in sub-Saharan Africa’s energy sector. It aims to add more than 30,000 megawatts (MW) of cleaner, more efficient electricity generation capacity and 60 million new home and business connections by 2030. www.usaid.gov/powerafrica
Welcoming the announcement, Gridworks’ Chief Executive, Simon Hodson said:
“I’m delighted that Gridworks has become a partner of Power Africa. Well-run, reliable electricity networks are among the most urgent of Africa’s infrastructure needs and will bring important development impact and climate change benefits.
“Improvements in Africa’s energy sector needs collaboration among all its stakeholders. That’s why I welcome the opportunity to work with Power Africa and its broad range of member companies to help fund and develop further critical infrastructure, and encourage other investors into the space.”
Sustainable, affordable and reliable power is one of Africa’s biggest challenges with over 600 million people going without electricity and the benefits it brings. Despite recent investment and improvements in electricity generation, the lack of progress in developing transmission and distribution infrastructure to carry generated power has become a significant bottleneck to economic development across the continent. Gridworks was launched in the summer of 2019 to play a part in tackling this challenge. Gridworks aims to invest over US$300 million of long-term capital in commercially sustainable infrastructure businesses, bringing affordable, reliable power to Africa’s people and its businesses.
For more details and to learn more about Gridworks please contact:
Rhyddid Carter, Communications Advisor: [email protected] +44 7543 500 456