SoftBank backs Africa-focused AMEA Power with $75m
AMEA Power, one of the fastest growing renewable energy developers in Africa, has signed a $75 million equity funding round from Japanese investment holding company SoftBank Group Corp.
Founded in 2016, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and other emerging markets.
This represents AMEA Power’s first external equity funding following years of being privately funded by its founding shareholders. The funding will allow AMEA Power and SBG to explore a mutual partnership, which will lead to maximizing the value creation of AMEA Power mainly in the AMEA region.
As African economies grow, the demand for energy by companies, households, and industries increases by the day. This comes with challenges of climate change and energy depletion, however, many innovators and investors believe renewable energy can help Africa counter these challenges. Financiers mostly are skeptical about funding ventures in the renewable energy space, which has hindered growth in the sector, but AMEA’s successful raise—as well as recent huge rounds by Sun King particularly—suggests the perception towards the renewable energy opportunity in Africa could be changing.