A partnership between a Paris-based investment group and an African clean energy startup driven by artificial intelligence will expand access to renewable energy across Africa while unlocking major opportunities for investors.

As Impact Investor reported, Investisseurs & Partenaires, an impact investment firm dedicated to supporting startups in sub-Saharan Africa, has teamed up with Zimbabwe’s NeedEnergy to bring affordable, planet-friendly electricity to more people and improve their quality of life.

Launched in 2019, NeedEnergy leverages AI to help customers generate clean, reliable electricity through solar panels, monitor their power consumption, and eventually enable energy trading through virtual networks. The investment by I&P is part of the I&P Digital Energy program, which provides financing for clean energy startups.

The Gaia Impact Fund, a venture capital firm specializing in renewable energy in Asia and Africa, is collaborating with I&P on its energy expansion initiative. According to the International Energy Agency, Africa is experiencing significant growth in green energy, with solar power leading the way. If the continent achieves its climate goals, clean energy — including solar, wind, geothermal, and hydropower — is expected to make up over 80% of new energy production capacity by 2030, according to the IEA.

The United Nations Sustainable Development Group reported that projects are well underway, with UN teams working with the Guinean government to build solar farms and hydroelectric dams. These projects will bring clean, affordable electricity to around 34,000 people each. The UN is also expanding solar energy projects in Burundi, Djibouti, and Botswana.

Renewable energy development is crucial for ending energy poverty in Africa, as around 600 million people across the continent still lack access to reliable electricity, according to the UN. However, despite being home to 60% of the world’s best solar resources, Africa has only 1% of installed solar capacity, per IEA, and has received just 2% of global clean energy investments in the last two decades, per the UN.

So, the partnership between I&P and NeedEnergy presents a significant opportunity to bring vital energy access to Africans while supporting economic growth. Impact Investor reported that the clean energy transition could reach a potential market size of $193 billion between 2023 and 2031 across the continent, indicating it’s an excellent time to invest in eco-friendly businesses with a long-term growth outlook.