Aspire Capital in partnership with renewable energy developers is finalising initiatives to power millions of homes by sunshine and wind farm technology in Africa.
The over 50 countries of sub-Saharan Africa, with a combined population of about 1 billion, produce roughly the same amount of power as Spain, a country of just 46 million.
The shortage imposes a massive burden on economies in the continent, constraining growth and leading to hundreds of millions of people remaining mired in poverty.
The International Energy Agency in Paris has announced that renewable energy will satisfy much of Africa’s growing power needs by 2040, as the continent unlocks its vast hydro-power resources.
South of the Sahara Desert, energy demand is expected to grow 80% as the economy quadruples in size over the next 30 years, with renewable energy supplying almost half of the growth.
Aspire Capital is in talks with potential partners and investors to bring these projects on stream.
Aspire Capital Managing Director, Stephen Okoekpen, said: “Renewable energy is extremely valuable to sub-Sahara African economies, reducing our carbon emissions and providing low-carbon energy supplies, as well as jobs and long-term investment.