Octopus Energy Generation, the renewable investment arm for UK energy firm Octopus, has launched a new African clean energy fund, securing $60m (£47m) in initial investor commitments.

The Octopus Energy Power Africa (OEPA) fund will invest in clean energy solutions across the continent. According to the investment manager, Africa is home to around 40% of the world’s renewable energy resources but attracts just 2% of global energy investment.

As part of the initiative, Octopus is partnering with African investment specialist Pembani Remgro Infrastructure Managers to develop a model that enables greater access to green investment in emerging markets.

Octopus says the fund is launching with $60m in commitments, with ambitions to mobilise $250m over the next three years though it could not disclose who had contributed the initial investments.

Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Africa is abundant with clean energy potential, enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind.”