Global energy-focused private equity firm Denham Capital and renewable-energy investment company GreenWish Partners have partnered to develop, construct and finance 600MW of renewable energy assets in sub-Saharan Africa by 2020.
The capital commitment for the projects will be in the region of $1bn.
According to International Energy Agency, more than 600 million people living in the sub-Saharan region do not have access to electricity. Africa’s power generation capacity is limited to 90GW.
GreenWish is currently building the 20MW Senergy II solar project in Bokhol, next to Senegal’s border with Mauritania.
It isa due to be completed in October this year and, with Denham’s support, the company aims to build on this project and provide power to other parts of the continent.
GreenWish CEO Charlotte Aubin-Kalaidjian said: "We look forward to partnering with Denham for this expansion phase of GreenWish in sub-Saharan Africa.
"Independent power producers such as GreenWish are a key solution to the African electricity gap that requires more than $40 billion in annual investments.
"Our strategic partnership with Denham gives us the means and scale to carry out our ambition and mission for a competitive and sustainable electrification of Africa."
GreenWish focuses on countries where renewable energy projects provide a competitive solution to the power gap, without subsidies.
The company said it is looking at both on and off-grid projects in several countries and intends at providing B2B solar hybrid solutions to energy intensive industries, including telecom operators, mining and commercial off-takers.