Delphos has announced the successful closing of a strategic investment in PowerGen Renewable Energy by All On Partnerships for Energy Access Limited by Guarantee, a leading Nigerian impact investor. Delphos acted as exclusive financial advisor to PowerGen, guiding the company through the structuring, negotiation, and execution of the transaction. The investment will provide growth capital for PowerGen's commercial and industrial business as well as its distributed utility operations, funding additional renewable energy infrastructure to deliver reliable, affordable, and lower-carbon electricity to businesses and communities across Nigeria.
The funding is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries. This transaction follows PowerGen's landmark capital raise in 2025, which brought together a consortium of development finance institutions and private investors, reflecting continued investor confidence in the company's growth strategy and operating model. Delphos also advised PowerGen on the investment from IFU, Denmark's development finance institution, as part of that financing 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, said, "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. With approximately 85 million Nigerians lacking access to grid electricity, according to the World Bank, distributed renewable energy solutions are increasingly seen as a viable path to closing the energy access gap. PowerGen's expansion, backed by All On's capital, will help reduce reliance on fossil fuels, lower carbon emissions, and spur economic activity by providing reliable power to businesses that often depend on expensive diesel generators. The investment also signals growing confidence in Nigeria's off-grid energy market, which has attracted over $500 million in investment in recent years, according to the Nigerian Off-Grid Market Acceleration Program. For more information about PowerGen, visit https://www.powergen-re.com. For more information about All On, visit https://www.all-on.com. For more information about Delphos, visit https://www.delphos.co.
