Africa’s electricity expansion depends on governments and development finance institutions (DFIs) using limited public capital to unlock substantially larger pools of private investment. As each participant assumes a distinct role in the capital stack, electricity projects are becoming bankable through policy reform, risk-sharing mechanisms and commercially driven investment rather than public spending alone.
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As Africa races to close its enormous energy access gap while also pursuing cleaner energy pathways, one question increasingly dominates boardrooms, government circles and investment forums: Who will finance the continent’s energy future?