Africa’s population is forecast to double to 2.4 billion by 2050, with a growing middle class that will increasingly demand higher standards of living and modern, efficient infrastructure. Foremost among the continent’s needs is power generation, with some 600 million citizens lacking access to electricity, and an energy deficit that stifles economic growth, job creation, agricultural development, and improvements in health and education. To meet these demands, the power sector in Sub-Saharan Africa alone will need an estimated 7,000 megawatts of new generation capacity each year, at an annual cost in the tens of billions of dollars – which most African governments are unable to fund.
Africa’s renewable energy resources rank among the best in the world, with the potential for over 170 gigawatts worth of projects – at a total investment estimated to exceed $150 billion. To unlock this promise, supportive private sector enabling environments are being introduced across the continent to facilitate private investment in energy markets. The result is a unique investment opportunity, but one which requires an investment team with the relationships and experience critical in identifying and executing only the most attractive opportunities. It is with these factors in mind that New Sparta Energy was formed.