Introducing Milele Energy
We invest in clean energy today to unlock the Africa of tomorrow.
WE ARE MILELE
Milele Energy is a new power-generation company investing in clean-energy projects that deliver reliable, low-cost power to households, communities and industries across sub-Saharan Africa.
Established in 2019 by former GE Africa executives, Milele—meaning “forever” in Swahili—invests in developing, owning and operating utility-scale power generation facilities using renewable technology, as well as gas-for-baseload applications. We do so, by leveraging our experience and on-the-ground presence in Africa; providing solutions based on success factors through analytics and innovative financing structures.
Our goal is to unlock Africa’s abundant sustainable energy potential to meet the under-served energy demands on the continent that continue to grow on a daily basis.
In April 2023, we are due to close our first project investment in one of Africa’s largest renewable energy projects and in mid-2023 expect a complete a second project investment which will total over 400MW (gross).
Because tomorrow belongs to those that power today.
OUR APPROACH
Milele Energy and Milele Green are two separate energy accelerator platforms both investing in a balanced portfolio of operational and development assets, managed by one experienced team. This provides investors with efficient access to opportunities across Africa that reflects a wide range of goals and outcomes.
MILELE ENERGY
Milele Energy has been curated for investors who seek exposure to a mix of clean energy projects, consisting of renewables, gas-to-power and transmission infrastructure. It provides a reliable baseload necessary to support renewable energy and aims to transition thermal assets to become more efficient and environmentally friendly.
MILELE GREEN ENERGY
Milele Green exists for investors seeking access to an exclusively renewables only portfolio.
It leverages Africa’s favorable natural conditions to allow for a large-scale buildout of renewable power, including utility scale wind & solar, hydro (run-of-river/reservoir), and utility scale power storage and C&I solutions (i.e. mini-grids).
AFRICA FOCUSED
In 2020, the World Bank estimated that only 56% of the African population had access to electricity. With a land mass bigger than India, China, the US and Europe combined, Milele is excited to be developing and investing clean energy projects across Africa — here’s why :
Africa, as a continent, has on average experienced growth of 5% per annum over the last decade. It is already as urbanized as China and has as many cities over 1m populations as Europe. Five of the world’s fastest-growing economies are in Africa and the continent is set to outperform the rest of the world, in economic growth, over the next two years.
Economic Growth
Africa has the world’s youngest and fastest growing population, with 70% of sub-Saharan Africa under the age of 30. By 2050, a quarter of the world’s people will be African, with over 500 million households and a growing middle class, driving both consumer spending and energy needs. Looking further, ny 2070, it will become the most populous region globally, surpassing Asia.
Growing Demand
Africa has abundant energy sources that are untapped and ready to fuel both the economic growth and the population growth. For example, the continent has 60% of the world’s best solar resources. And it has enough wind potential to satisfy the entire continent’s electricity demands 250 times over.
Untapped Resources
Africa has essentially unlimited green energy potential. IRENA estimates that the continent’s capacity could reach 310 GW by 2030. With the right scale of investment, this can both satisfy local power needs, leapfrog conventional power production, and position Africa as a global leader in clean energy production countering climate change.
Climate Resilience
“Electricity is the backbone of Africa’s new energy systems, powered increasingly by renewables”
Africa Energy Outlook 2022, International Energy Agency
UNTAPPED ENERGY POTENTIAL
Fossil fuels still account for over half of the energy supply in Africa and, in 2020, just 9% of all energy generated in Africa came from renewable sources. Today, wind and solar are among the cheapest energy sources available—deploying new solar and wind farms can be cheaper than just maintaining existing coal power plants.
Lower cost and untapped clean energy potential now represents an exciting opportunity to transition to the right energy mix that can shape the continent for decades to come. That is why Milele operates across all energy technologies, to give African countries the space and ability to grow and industrialize all within a climate resilient environment.
OUR FOCUS AREAS
Solar
Africa is home to 60% of the best solar resources globally, yet only 1% of installed solar PV capacity. In fact, five of the ten countries at the global level that have the potential to generate the most energy per solar panel are in Africa.
Wind
Wind power is still to establish itself in Africa, with the continent’s wind potential largely untapped. In 2020 the IFC found that the continent’s wind resources could supply its electricity demand 250 times over.
Hydroelectric
The continent has the highest untapped hydropower potential in the world with 17% of electricity is generated from hydropower, however, the full potential of hydropower on the continent is nowhere near being realized.
Transmission, Distribution & Storage
Significant investments in the modernization and expansion of transmission infrastructure, as well as energy storage is needed to reduce technical and commercial losses.
Gas
Sub-Sahara African countries expect to have 60 million tonnes per year (mt/year) of export capacity of LNG by 2025 and a further 74 mt/year by 2030. This resource provides the opportunity to redefine natural gas as sustained source for generating baseload power.
“The continent’s energy future requires stronger efforts on the ground that are backed by global support”.
Fatih Birol
Executive Director, International Energy Agency
WHAT MAKES US DIFFERENT
Our team have built their experience leading some of the most successful energy companies in Africa but have also worked first-hand through some of the industry’s greatest challenges. These challenges often came from a misunderstanding of how to successfully source and execute energy investments. This is where we make a difference; finding a better way to make the right investments. Here’s how we do this:
1
Project Identification
Our seasoned, experienced and diverse team on the ground in Nairobi have amassed thousands of hours reviewing, and working on, the inevitable challenges faced in energy projects. This gives us an unrivaled breadth of knowledge and experience, with a vast network to draw on across the African continent. This allows us to identify the projects we believe have the potential to be delivered on budget and on time.
2
Rapid Deployment and Execution
We are lean, fail fast and adjust faster. We pride ourselves on effective, disciplined, corporate structuring, based on defined success or failure gates; closing deals in months, not years.
3
Risk Mitigation / Manage risk
There will always be challenges to every deal, during both the development and operational stages, but through our hands-on approach we can quickly mitigate and manage the risks. We can do this because we understand how to operate in Africa and work hard to develop meaningful partnerships with key stakeholders from across the energy spectrum. From Government and local authorities to utility companies and financial institutions, we build shared goals and deliver results that matter for everyone.
“Annual investment of $25bn would deliver universal energy access in Africa by the end of the decade”
International Energy Agency
POSITIVE ENERGY
Milele is focused on delivering a positive, meaningful impact for our environment and customers. We are driven to empower communities—urban and rural—with clean, reliable and affordable energy that directly contributes to boosting long-term economic prosperity and climate resilience in Africa.
We envisage communities, energized by local businesses, that run more effectively thanks to newfound, reliable, low-cost power, distributed across the country no matter where they are.
We see urban areas, covered in bright streetlights, improving pedestrian safety, reducing crime and extending economic activity.
We see the youth of Africa, being inspired and enabled to innovate, create and build the next big ventures of tomorrow that will transform Africa.
We see thousands of direct and in-direct jobs being created through the provision of clean energy projects.
We see an Africa filled with hope, transforming itself, delivering limitless renewal energy across the continent and beyond, delivering a brighter tomorrow.
Because the strength of Africa’s tomorrow lies within its power today.
FIND OUT MORE
Milele has identified an exciting project investment pipeline and is now actively securing exclusivity that when probability-weighted could deliver in >2,000MW and $500MM of near-term equity investment opportunities.