Delphos Advises PowerGen on Strategic Investment from All On to Expand Energy Access Across Nigeria

WASHINGTON D.C., US - Media OutReach Newswire – 17 September 2026 – Delphos is pleased to announce the successful closing of a strategic investment in PowerGen Renewable Energy ("PowerGen") by All On Partnerships for Energy Access Limited by Guarantee ("All On"), a leading Nigerian impact investor dedicated to expanding access to commercial energy across the country.

Delphos acted as an exclusive financial advisor to PowerGen, supporting the company throughout the structuring, negotiation and successful execution of the transaction.

The funding will support the continued expansion of PowerGen's renewable energy platform in Nigeria, providing growth capital for both its commercial and industrial ("C&I") business and distributed utility operations. The investment will fund additional renewable energy infrastructure, delivering reliable, affordable and lower-carbon electricity to businesses and communities, and is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries across Nigeria.

The transaction follows PowerGen's successful landmark capital raise completed in 2025. The fundraising brought together a consortium of leading development finance institutions (DFIs) and private investors, reflecting continued investor confidence in the company's growth strategy, operating model, and management team. As part of the financing round, Delphos advised PowerGen on the investment from IFU, Denmark's development finance institution.

Founded in 2016, All On is one of Nigeria's foremost investors in the distributed energy sector. Its investment in PowerGen further validates the company's business model and reinforces its position as a leading distributed renewable energy platform in Nigeria.

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


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The issuer is solely responsible for the content of this announcement.

About PowerGen:

PowerGen is a leading renewable energy platform across Africa, with offices in four countries (Kenya, Nigeria, Sierra Leone and DRC). PowerGen owns and operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable power. In 2024, PowerGen was listed as one of the Financial Times' Africa's Fastest Growing Companies! PowerGen ranked 40th in the overall rankings and 5th in the Energy & Utilities sector.

For more information: https://www.powergen-re.com

About All On:
All On Partnerships for Energy Access ("All On"), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria's off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses.

All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria's access-to-energy gap through renewable energy solutions.

For more information: https://www.all-on.com

About Delphos:

Delphos is the definitive source for arranging innovative financial solutions for development companies and projects. Specialized in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide. Since 1987, Delphos has arranged more than US$20B in development finance to support the efforts of over 1,200 companies. With resources of more than 350 government agencies and multilateral organizations worldwide to help clients with their international business goals and have sustainable impact. Delphos also provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. Being approved advisors to AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities.

For more information: https://www.delphos.co