PowerGen Renewable Energy has secured a strategic investment from All On Partnerships for Energy Access Limited by Guarantee, a leading Nigerian impact investor focused on expanding commercial energy access. Delphos acted as the exclusive financial advisor to PowerGen, guiding the company through the structuring, negotiation, and successful execution of the transaction. The funding will accelerate the expansion of PowerGen's renewable energy platform in Nigeria, providing growth capital for its commercial and industrial business as well as its distributed utility operations.
The investment will finance additional renewable energy infrastructure, delivering reliable, affordable, and lower-carbon electricity to businesses and communities. It is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries across Nigeria. This transaction follows PowerGen's landmark capital raise completed in 2025, which brought together a consortium of leading development finance institutions and private investors, reflecting continued confidence in the company's growth strategy, operating model, and management team. As part of that financing round, Delphos advised PowerGen on the investment from IFU, Denmark's development finance institution.
Founded in 2016, All On is one of Nigeria's foremost investors in the distributed energy sector. Its investment in PowerGen further validates the company's business model and reinforces its position as a leading distributed renewable energy platform in Nigeria. Aaron Cheng, CEO of PowerGen, stated, "This investment from All On is a strong vote of confidence in PowerGen's platform and our ability to deliver reliable power at scale. All On's deep experience in Nigeria's energy sector, makes them an ideal partner as we grow our operations in Nigeria. We're grateful to Delphos for their continued partnership in structuring this transaction and supporting our broader financing strategy as we expand across the continent."
Connor Shine, Director at Delphos, concluded, "All On's investment in PowerGen underscores the growing conviction among strategic investors that distributed renewable energy is central to closing Africa's power gap. Delphos is proud to have advised PowerGen on this transaction, and we look forward to continuing to support the company as it accelerates its expansion across the continent."
The implications of this investment are significant for Nigeria's energy landscape. By providing growth capital to PowerGen, All On is helping to address the country's persistent electricity access deficit, particularly in underserved communities. Distributed renewable energy solutions, such as those deployed by PowerGen, offer a decentralized and sustainable alternative to traditional grid infrastructure, which often struggles to reach remote areas. This investment not only supports PowerGen's expansion but also signals to other investors that the distributed energy sector in Nigeria is viable and attractive. It aligns with broader efforts to transition to cleaner energy sources and reduce carbon emissions while fostering economic development.
PowerGen's track record as a fast-growing company, recognized by the Financial Times in 2024, demonstrates the scalability of its model. With offices in Kenya, Nigeria, Sierra Leone, and the Democratic Republic of Congo, PowerGen is well-positioned to replicate its success across Africa. The collaboration with All On, which provides both financial and non-financial support, will enable PowerGen to deepen its impact in Nigeria. For more information about PowerGen, visit https://www.powergen-re.com. Details about All On can be found at https://www.all-on.com, and Delphos at https://www.delphos.co.
