Energy-focused private equity firm Denham Capital and renewable energy investment company GreenWish Partners have entered a partnership to develop, build, and finance 600MW of renewable energy assets across sub-Saharan Africa by 2020.
The capital commitment will enable the African renewables platform to carry out a $1bn project pipeline.
GreenWish's chief executive officer Charlotte Aubin-Kalaidjian said: "We look forward to partnering with Denham for this expansion phase of GreenWish in sub-Saharan Africa.
"Independent power producers such as GreenWish are a key solution to the African electricity gap, which requires more than $40bn in annual investments.
"Our strategic partnership with Denham gives us the means and scale to carry out our ambition and mission for a competitive and sustainable electrification of Africa."
According to the International Energy Agency, over 600 million people in sub-Saharan Africa are without electricity as the total African power generation capacity is limited to 90GW, despite the continent receiving an average of 300 days of sunshine per year.
Solar energy supply to the people of Africa will be able to address the continent's electricity shortage.
GreenWish's chief investment officer Parmentier said: "We focus on countries where renewable energy projects offer a competitive solution to the power gap, without subsidies.
"GreenWish is looking at both on and off-grid projects in a number of countries and aims at offering B2B solar hybrid solutions to energy intensive industries, including telecom operators, mining, and commercial off-takers."