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PowerGen receives $5 million mezzanine investment from All On to grow in Nigeria
Mini-grid developer PowerGen has received a $5 million mezzanine investment from All On to move more of its Nigerian renewable energy projects from development to delivery.
By Propel Africa · 2026-09-16
All On has made a $5 million mezzanine investment in PowerGen's Nigerian business, New Telegraph reported on 16 September. The funding goes to PowerGen Renewable Energy Nigeria Limited and will help the company deepen its presence in the country and move projects from development to delivery.
Mini-grids at scale
PowerGen builds renewable energy and distribution utility projects, including both isolated and interconnected mini-grids. In Nasarawa State it built the Toto Community Mini Grid, described as Nigeria's first interconnected hybrid solar mini-grid. The company has offices in Kenya, Nigeria, Sierra Leone and the DRC.
The new projects are expected to deliver up to 6,000 connections serving around 41,000 people, up to 9 MW of generation and roughly 470 jobs.
Completing a Series C
All On's investment effectively closes the Series C of PowerGen's parent, WindGen Power USA, which also brought in ElectriFI, Impact Fund Denmark, SEFA and InfraCo as co-investors.
"We are pleased to welcome All On as a strategic investor," said Aaron Cheng, chief executive of PowerGen. All On is led by chief executive Caroline Eboumbou.
At a glance
- Company: PowerGen Renewable Energy Nigeria
- Raised: $5 million
- Type: Mezzanine investment
- Investor: All On
- Expected impact: Up to 6,000 connections and 9 MW of generation
- Offices: Kenya, Nigeria, Sierra Leone, DRC