Africa’s clean energy transition is shifting from “build more generation” to “make the system investable,” with capital increasingly concentrated on governance reforms, grid infrastructure, and large-scale structured financings that unlock downstream projects.

Scale and breadth: Deal activity was high and diversified across multiple markets, but volumes were pulled upward by a small number of large tickets, reinforcing a barbell dynamic: a few mega-deals alongside many smaller growth financings.

Clean electrons dominated: Electricity-system deals captured the lion’s share of funding, reflecting the reality that reliable power and network capacity remain the binding constraints for industrial growth, electrification, and the next wave of renewables.