The sub-Saharan region of Africa is attracting record-breaking levels of renewable energy investment, according to new research from BloombergNEF (BNEF). Falling technology costs are driving growth, helping push spend in the region, which excludes South Africa, to $2.8 billion in 2018, up $600M on the year before.
Investors are now looking beyond established markets like South Africa to develop utility-scale solar projects in countries with limited levels of clean power infrastructure. In 2021 around 1.2GW of PV is predicted to come online outside South Africa, double the 2018 figure.
For more on the market challenges and opportunities ahead for the region, read BNEF’s report: Sub-Saharan Africa Market Outlook 2020.