Western Africa has the highest number of PFAN-supported projects in the sub-Saharan region, with the pipeline growing by about 25% in 2021.
Solar energy businesses led the way in financial closures, including the women-led CREEDS Energy in Nigeria.
Moreover, the region has seen an increase in outreach activities, such as various online webinars as well as in-person events organized by the region’s Country Coordinators, which have translated into an increase in applications and an uptick in activities in the region. The outreach activities mainly focused on informing developers in the renewable energy and climate adaptation sectors about PFAN services, as well as building their capacity at developing good financial models and business plans.
Notable figures in the energy sphere have attended our virtual roadshows such as president of the Renewable Energy Association of Nigeria (REAN), indicating that there is the potential for PFAN to support REAN members and their projects. In addition to outreach webinars, Western Africa country coordinators have represented PFAN at various conferences and workshops, including a side event organized during a two-day capacity building workshop organized by the Digital Global Biogas Cooperation (DiBiCoo).
PFAN continues to build and foster strong relationships with key actors in the sub-region including development banks such as EBID and BOAD and incubators such as ABREC, with which strategic partnerships are being engaged to help develop a dedicated early-stage funding vehicle for the regions’ climate and clean energy projects. Building a stronger network will ultimately contribute to filling the investment gaps in the climate and clean energy value chain and help facilitate the flow of financing into the region.
Western Africa in 2021
Total investment leveraged (USD)
Projects that reached financial closure
Clean energy capacity added (MW)
Locally-based Advisors (%)
Total number of projects supported
New partnerships established
Total number of projects supported by country
Technology area of new projects in the pipeline
Meet our Network in Western Africa
PFAN Advisor - Babi Subair
Babi Subair is the Founder/CEO of FHG Consulting Limited, a strategy, business & financial advisory firm that provides an accelerator service to start-ups and early stage businesses. She recently established a Women Funding Women Angel Network, a pool of female angel investors, to raise substantial capital for start-up and early stage investment in women-owned businesses. In addition, she has developed innovative products for commercial banks that create access to affordable credit facilities for women owned SGBs.
Her most recent role was as a Special Adviser with the Ogun State Government, heading the Investment Promotion Agency (IPA), OgunInvest, where she had the sole responsibility for establishing the IPA and having the agency passed into law.
Babi has about two decades of financial services experience commencing her career with Schroders Salomon Smith Barney in London before relocating to Nigeria to work with Citibank Nigeria. Her expertise spans across corporate finance, treasury management, fund management and risk management.
Babi has a MBA from Cranfield School of Management, Cranfield University (UK) and a Bachelor’s degree in Economics and Management from Durham University (UK). She is a Non-Executive Director of Sterling Assurance Nigeria Limited and Board Member on the World Bank Program Nigeria Improving Business Environment for Prosperity (NIBEP).
Regional Coordinator - Albert Boateng
Albert is an experienced renewable energy finance expert and transactions advisor. He joined PFAN as a coach in 2013 and became the Regional Coordinator the following year. As regional coordinator, he supports project development and finance facilitation across West Africa. The region covers 15 countries, and more than 200 projects have been coached.
Albert’s role includes connecting projects to coaches, providing guidance to the coaches, building relationships with network partners and growing the network in the region. Prior to this role, he was the Regional Director of Persistent Energy Partners, a clean energy investment company. He oversaw the investment and portfolio development of PEP’s West Africa operations including pipeline development, investment appraisal, transactions structuring, asset management and implementation of exit/liquidation strategies.
Albert holds an MBA from Boston College, Massachusetts, USA and is a Certified Expert in Climate and Renewable Energy Finance (CECREF).
New Partners in 2021