October 2025 marked a notable shift in Africa’s renewable-energy financing landscape. While September was characterised by a single outsized transaction — the US$400 million Standard Bank facility for South Africa’s Mulilo — October delivered a broader mix of transactions totalling US$194.8 million. Although the aggregate value was smaller, October’s deals illustrate important trends: deeper involvement of development finance institutions (DFIs), increasing geographical diversification of capital flows, and a stronger push into industrial decarbonisation and distributed energy systems.

A More Balanced Month After a September Spike

Africa recorded eight renewable-energy financing deals in October, compared to seven in September. However, September’s total was inflated by the Mulilo mega-deal, bringing its month-end tally to US$611 million. Excluding that exceptional transaction, September’s total (~US$211 million) was more consistent with October’s performance.

October’s capital raising was broader, steadier, and more sector-diverse, with deal values ranging from US$2.9 million to US$92.3 million.

Key Transactions Closed in October 2025

1. Egypt: Infinity Power’s Ras Ghareb Wind Project Reaches Financial Close — US$92.3M

The month’s largest deal was the US$92.3 million disbursement from EBRD, Proparco, and JICA toward Infinity Power’s 200 MW Ras Ghareb onshore wind farm.
This formed part of a larger US$153 million senior-debt package, allowing the project to advance construction and target operations by 2027. Once operational, the wind farm is expected to generate over 810 GWh annually and avoid 390,000 tonnes of CO₂ emissions.

2. Tunisia: Qair’s 298 MW Solar Portfolio Advances — US$70.6M (Grants and Loans)

French IPP Qair advanced two large solar concessions — the 100 MW Gafsa and 198 MW Sidi Bouzid/El Khobna plants — supported by:

• EU Neighbourhood Investment Platform grants of €3m and €4m

• A proposed €19m EBRD loan for Gafsa

• A €35m senior-debt package under preparation for the Sidi Bouzid project

These facilities highlight Tunisia’s ambition to reach 35% renewables by 2030 and underscore the growing importance of blended EU-DFI financing to enable large-scale solar.

3. Ghana: Norfund Backs Green Steel Transition — US$15M

Norway’s DFI Norfund committed US$15 million to B5 Plus Limited to support industrial decarbonisation. The loan will refurbish a steel plant and build a 16 MW solar installation at Prampram.
Beyond emissions reductions, the project is expected to create 1,800 direct and 10,000 indirect jobs, illustrating the convergence of clean energy and African industrial policy.

4. South Africa: Grid Africa Closes US$14M for Distributed Solar-Plus-Storage

Grid Africa raised US$14 million (investor undisclosed) to roll out 20 MW of hybrid solar-battery systems across multiple Southern African countries. The programme targets corporate and telecom clients, offering up to 40% reductions in energy costs.

5. Rwanda & Uganda: Sawa Energy Raises Equity for C&I Solar — US$2.9M

EU-backed impact investor ElectriFI invested €2.5 million (~US$2.9M) into Sawa Energy, supporting the expansion of commercial and industrial solar-plus-storage solutions. The capital will help displace diesel generation across East Africa.

Who Financed October’s Deals? A Strong DFI Footprint

The financing mix in October displays one clear trend: international development finance institutions dominated capital flows.

Breakdown of ~US$195M raised in October

• ~87% DFIs — EBRD, Proparco, JICA, Norfund

• ~4% Grants — EU Neighbourhood Investment Platform

• ~9% Private/impact investors — ElectriFI, unspecified funds for Grid Africa

Local banks played no significant role in October, underscoring a heavy reliance on international public-sector capital, unlike September where a South African commercial lender provided a record-breaking facility.

This reinforces a structural pattern: in most African markets, private commercial capital remains limited, requiring DFIs to provide long-tenor, concessional, or blended finance to move projects forward.

Country Distribution: A More Spread-Out Capital Landscape

Compared with September — where South Africa and Egypt dominated — October’s investments were geographically broader:

• Tunisia – US$70.6M

• Egypt – US$92.3M

• Ghana – US$15M

• South Africa – US$14M

• Rwanda/Uganda – US$2.9M

This spread indicates growing activity in North Africa, West Africa, and East Africa, rather than concentration in a few established markets.

Technology Mix: Balanced Across Solar, Wind and Storage

October’s technology distribution suggests a maturing project pipeline:

• Wind (US$92M) — Ras Ghareb leads as Africa’s flagship 2025 wind deal

• Solar PV (US$88M) — driven by large Tunisian concessions and industrial solar in Ghana

• Hybrid Solar-Storage (US$14M) — Grid Africa’s distributed systems

• Solar + BESS for C&I (US$2.9M) — Sawa Energy’s offering

The month confirms the rising importance of battery storage, especially in corporate/off-grid sectors.

Conclusion: A Solid Month That Strengthens Africa’s Clean Energy Foundation

While October 2025 did not match September’s record-breaking volume, it delivered:

• More transactions

• Greater geographical spread

• A balanced technology mix

• Clear leadership from DFIs and EU institutions

• Growing momentum in industrial and distributed energy solutions

October’s activity reflects a continent building the foundational blocks of its clean-energy transition: blended finance, storage integration, industrial decarbonisation, and regional diversification. As Africa enters 2026, these trends point toward a maturing ecosystem — one still reliant on international support but increasingly dynamic, innovative, and aligned with long-term energy-transition goals.