All On invests in PowerGen to expand renewable energy access in Nigeria

Nigerian impact investor All On has made a strategic investment in PowerGen Renewable Energy, supporting the expansion of the company’s renewable energy operations across Nigeria.

Delphos, which acted as PowerGen’s exclusive financial adviser, supported the transaction through its structuring, negotiation and execution.

The investment will provide growth capital for PowerGen’s commercial and industrial (C&I) business as well as its distributed utility operations. The funding is expected to support the development of additional renewable energy infrastructure and expand access to reliable, affordable and lower-carbon electricity for businesses and communities.

The deal comes after PowerGen completed a major capital raise in 2025 involving a consortium of development finance institutions (DFIs) and private investors. Delphos also advised PowerGen on an investment from Denmark’s development finance institution, IFU, as part of that financing round.

Founded in 2016, All On is an impact investor focused on increasing access to commercial energy in Nigeria, with investments across the country’s distributed energy sector.

For PowerGen, the latest investment adds to its efforts to scale its renewable energy platform in Nigeria and strengthen its presence in Africa’s growing distributed energy market.

“This investment from All On is a strong vote of confidence in PowerGen's platform and our ability to deliver reliable power at scale,” said PowerGen CEO Aaron Cheng.

“All On’s deep experience in Nigeria's energy sector makes them an ideal partner as we grow our operations in Nigeria. We're grateful to Delphos for their continued partnership in structuring this transaction and supporting our broader financing strategy as we expand across the continent.”

Connor Shine, Director at Delphos, said the investment reflected increasing investor interest in distributed renewable energy as a way of addressing Africa’s electricity access challenges.

“All On's investment in PowerGen underscores the growing conviction among strategic investors that distributed renewable energy is central to closing Africa's power gap,” Shine said.

“Delphos is proud to have advised PowerGen on this transaction, and we look forward to continuing to support the company as it accelerates its expansion across the continent.”