Delphos, a Washington D.C.-based financial advisory firm, announced the successful closing of a strategic investment in PowerGen Renewable Energy by All On Partnerships for Energy Access Limited by Guarantee. Delphos acted as exclusive financial advisor to PowerGen, guiding the company through structuring, negotiation, and execution of the transaction. The funding will support PowerGen's renewable energy platform in Nigeria, providing growth capital for its commercial and industrial business and distributed utility operations. The investment is expected to fund additional renewable energy infrastructure, delivering reliable, affordable, and lower-carbon electricity to businesses and communities, and support up to 6,000 electricity connections, reaching an estimated 41,000 beneficiaries across Nigeria.
The transaction follows PowerGen's landmark capital raise in 2025, which brought together development finance institutions and private investors, reflecting continued confidence in PowerGen's growth strategy, operating model, and management team. Delphos also advised PowerGen on the investment from IFU, Denmark's development finance institution, during that round. 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."
PowerGen is a leading renewable energy platform across Africa, with offices in Kenya, Nigeria, Sierra Leone, and the Democratic Republic of Congo. The company owns and operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable power. In 2024, PowerGen was listed as one of the Financial Times' Africa's Fastest Growing Companies, ranking 40th overall and 5th in the Energy & Utilities sector. For more information, visit https://www.powergen-re.com.
All On, an independent impact investing company seeded by Shell, aims to catalyze the growth of Nigeria's off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses. All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria's access-to-energy gap through renewable energy solutions. For more information, visit https://www.all-on.com.
Delphos is a definitive source for arranging innovative financial solutions for development companies and projects. Specialized in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide, Delphos has arranged more than US$20 billion in development finance since 1987, supporting over 1,200 companies. With resources from more than 350 government agencies and multilateral organizations, Delphos helps clients achieve international business goals and sustainable impact. The firm also provides transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. As approved advisors to AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers, strategic investors, and foreign governments and utilities, Delphos brings extensive expertise. For more information, visit https://www.delphos.co.
