All On Invests in PowerGen to Expand Renewable Energy Access in Nigeria

Delphos, a financial advisory firm, has announced that PowerGen Renewable Energy has secured a strategic investment from All On, a leading Nigerian impact investor. This investment will support PowerGen's expansion efforts in Nigeria, providing growth capital for both its commercial and industrial business and distributed utility operations.

Founded in 2016, All On is one of Nigeria's foremost investors in the distributed energy sector. The investment underscores the company's commitment to closing Nigeria's access-to-energy gap through renewable energy solutions. The funding will enable PowerGen to deliver reliable, affordable, and lower-carbon electricity to businesses and communities, supporting up to 6,000 electricity connections and reaching an estimated 41,000 beneficiaries across Nigeria.

This investment 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.

Aaron Cheng, CEO of PowerGen, expressed gratitude for the investment, stating, "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."

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, Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries.

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. In 2024, PowerGen was listed as one of the Financial Times' Africa's Fastest Growing Companies, ranking 40th in the overall rankings and 5th in the Energy & Utilities sector.

The investment from All On 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 looks forward to continuing to support the company as it accelerates its expansion across the continent.