The Energy Talk - Storytellers of Africa's Energy Transition

In this episode, host Chigozie is joined by Krishna Swaroop, Chief Financial Officer at Sun King, and Geoffrey (Geoff) Manley, Head of Infrastructure and Climate Debt, Africa and South Asia. Together, they explore how market-driven off-grid solar models and innovative financial structuring are bridging Sub-Saharan Africa’s persistent energy deficit, framing the conversation around the 600 million Africans who currently lack reliable electricity and the $90 billion annual financing gap standing in the way of universal access.Krishna breaks down Sun King’s three-pillar business model, which integrates off-grid decentralized rooftop solar, a installer network of over 40,000 agents, and flexible Pay-As-You-Go (PAYGO) mobile-money financing to make clean energy affordable for rural households. This approach has already delivered power to tens of millions of people across the continent. Geoff complements this with the development finance perspective, explaining BII’s strategic evolution from traditional utility-scale projects to backing off-grid working capital through local-currency facilities designed to absorb risk and support rapid operational growth.The panel spends significant time unpacking the mechanics behind Sun King’s historic $156 million securitization deal, illustrating how bundling thousands of individual receivables isolates credit risk and demonstrates the strong repayment reliability of low-income consumers. By taking the mezzanine tranche, DFIs like BII provided the risk cushion needed to crowd in major commercial Kenyan banks, such as Standard Bank, Citi, and KCB, for the senior debt, establishing a landmark precedent for the sector.Looking to the future, Krishna and Geoff emphasize that solving Africa’s energy crisis requires all solutions working in tandem, from utility-scale grids to decentralized solar home systems. Ultimately, they view successful commercial-grade securitizations as a vital blueprint for the industry; proving that off-grid energy companies can graduate from DFI dependence and tap into sustainable, mainstream capital markets.Learn more about:⁠⁠⁠⁠⁠⁠⁠Sun KingBIIThe Energy Talk PodcastConnect on LinkedIn with:Chigozie UbahKrishna SwaroopGeoffrey Manley

This episode features Valentina Guido Bergamo, Senior Associate at RMI; Thokozani Kadzamira, Gender and Infrastructure Specialist at the World Bank; Joëlle Matte, Gender and Climate Expert at the UNDP; Sauda Bobboi, Gender Integration Coordinator for the Africa Minigrids Program (AMP) at Nigeria’s Rural Electrification Agency (REA); and Mino Rakotobe, AMP Project Lead in Madagascar, alongside host Olubunmi (“Olu”) Olajide. Together, they explore what it truly takes to deliver gender-responsive clean energy at the community level—bridging high-level institutional frameworks with the practical realities of last-mile execution.Valentina opens the conversation by reflecting on momentum from the EAIF 2026 Women in Clean Energy initiative and RMI’s Global Women in Clean Energy Fellowship, emphasizing that embedding gender inclusion across distributed energy projects serves as a proven multiplier for climate resilience and financial performance. Thoko then establishes the institutional framing, analyzing how international policy, infrastructure planning, and gender-responsive design principles can be structured to convert global capital into meaningful, equitable community access.Shifting to ground-level implementation, Sauda and Mino detail how mini-grids function when capital reaches the field. Sauda outlines AMP Nigeria’s rollout of 23 mini-grids linked directly to agricultural productive uses like rice milling and cassava processing, while Mino shares insights from Madagascar’s PAYGO solar kiosks and local female technician training. Addressing systemic bottlenecks, the panel examines why procurement incentives for female-led businesses still face market hurdles, concluding that long-term sustainability requires unlearning theoretical project assumptions and embedding local technical capacity directly within host communities.Additionally, UNDP/Africa Minigrids Program Gender and Climate Expert Joëlle M. provided key insights on differences in men and women's approaches to income-generating activities. Highlighting a joint initiative by the University of Strathclyde, Kumo Microfinance, and Self Help Africa, she noted that women often monetize unpaid care work like baking when launching businesses, whereas men pursue traditionally paid roles—a distinction that helps organizations better tailor project design and anticipate electricity usage. Further, to address common challenges in evaluating effectiveness, Joëlle introduced time tracking as an impact metric, measuring shifts in women's schedules (such as expanded leisure or reduced burden) before and after gaining reliable power to assess true empowerment.Learn more about:⁠⁠⁠⁠⁠⁠⁠RMIUNDPThe Energy Talk PodcastConnect on LinkedIn with:Valentina Guido Bergamo⁠⁠Thokozani Kadzamira⁠Joëlle Matte⁠⁠Sauda Bobboi⁠⁠Mino Rakotobe⁠⁠Olubunmi Olajide

This episode features Cassady Walters, Vice President of the Power Portfolio at the Rockefeller Foundation, and our host Chigozie (‘Gozie”) Ubah. Cassady shares her career trajectory—from her early experience as a Peace Corps volunteer in rural Mali witnessing how energy poverty directly impaired healthcare and education, to strategic advisory at Albright Stonebridge Group analyzing industrial constraints such as diesel costs for Nigerian manufacturing. These experiences anchored her belief in energy access as the foundational backbone of economic and human development.The conversation highlights the Rockefeller Foundation’s "all-of-the-above" approach to energy solutions, emphasizing catalytic finance and country-led decision-making over picking specific tech winners. A recent report from the foundation details how small modular nuclear reactors could lower total system costs by up to 30% alongside renewables, provided local capacity and regulatory frameworks are built out.Cassady then analyzed Mission 300—an initiative jointly led by the World Bank and African Development Bank and supported by philanthropy—whose aim is to connect 300 million Africa-based residents to electricity by 2030. Anchored by national energy compacts and country delivery units, the effort combines high-level political commitments with systemic market creation.On financial models and strategy, Cassady outlines how the foundation leverages innovative finance and risk-tolerant capital. Through mechanisms like returnable grants and a $10M first-loss capital contribution to the IFC-led Zuri vehicle, Rockefeller aims to crowd in private capital for distributed renewable energy projects. She emphasizes that as a systems builder, philanthropy must focus on catalytic risk-taking rather than prioritizing traditional financial returns.Cassady and Gozie also examine the importance of cross-border knowledge exchange, citing initiatives like South-South transition mineral cohorts and cross-country productive use of energy roadshows. Then, when asked to define failure in Africa's energy transition, Cassady points to a future where African economies remain stagnated by unreliable power, or, alternatively, where African nations remain passive recipients of a global climate agenda rather than shaping energy systems built by and for Africans.Learn more about:⁠⁠⁠⁠⁠⁠⁠The Rockefeller FoundationThe Energy Talk PodcastConnect on LinkedIn with:Cassady WaltersChigozie Ubah

This episode welcomes Nela Ekpenyong, Co-founder of and Partner at Obudu Capital, a $20M climate tech fund investing in early-stage startups across Nigeria, Ghana, Uganda, and Kenya. Nela's path into climate began with a formative visit to the Obudu Mountains in 2013, where she witnessed, firsthand, ecosystem collapse — vanishing wildlife and dwindling water — that later compelled her to build her conservation nonprofit and, eventually, the fund mentioned earlier.Obudu Capital focuses on climate finance, health and wellbeing, sustainable resource use (agritech and waste management), and sustainable infrastructure like mobility. Nela describes raising capital for climate tech in Nigeria as historically harder than in countries like Kenya or South Africa, though rising fuel costs and a new presidential push toward carbon credit regulation are shifting the narrative. She notes it's often easier to raise capital for African climate tech outside the continent than within it.On business models, Nela explains that climate tech doesn't fit the "asset-light, high-margin" mold Venture Capitals, such as Obudu Capital, are built for, so Obudu uses a blended finance approach — equity, convertible notes, revenue-based financing, and debt — paired with a patient 10+3 fund lifecycle. She pushes back on the myth that impact-driven funds sacrifice returns, citing increased decarbonization, job creation, and women's empowerment as core metrics alongside financial performance.Nela and Olu (host) also discuss the risks of grant capital distorting otherwise-viable business models, the underappreciated role of academia in bridging data gaps for climate tech, and the shifting power dynamics between founders and funders as African founders grow more discerning. She argues for more "shameless capitalists" in the space — founders who sell tangible value (cheaper power, better harvests) rather than abstract climate narratives — and urges investors to see climate tech's asset-heavy nature as a feature, not a bug. When asked about failure, Nela says she doesn't believe in it, only redirection.Learn more about:⁠⁠⁠⁠⁠⁠⁠Obudu CapitalThe Energy Talk PodcastConnect on LinkedIn with:Nela EkpenyongOlubunmi Olajide

Olu sat down with Adrian Groos (CEO) and Akeem Niyonzima (CTO), co-founders of Nimbus Aerospace, an  aerospace company building a six-passenger hybrid-electric light jet. At the time of recording, Nimbus Aerospace had grown after successful entry into Techstars and was also raising a VC-led round. Additionally, Nimbus Aerospace plans to sell their aircrafts at around $12.5M (vs the ~$12M light jet market leader), to lower CAPEX costs for consumers while expanding options.As Adrian notes, Nimbus Aerospace went hybrid-electric to reduce consumers’ OPEX costs and carbon emissions. Hybrid jets’ comparative edge over standalone propulsion systems such as gas-, hydrogen-, and electric-powered jets enables both outcomes for various reasons. For one, compared to full electric (battery energy density/weight limitations) or hydrogen (infrastructure and cost hurdles), hybrid-electric uses already-available technology, cutting fuel use by ~50% and lowering maintenance costs (electric engines cost ~80% less than jet engines), while remaining compatible with existing infrastructure. Adrian also discloses the exact findings informing Nimbus Aerospace’s decision to manufacture six-passenger light jets. Light jets make up ~36.5% of the U.S. private jet market and service ~80% of private jet trips, making it an attractive segment for a new entrant.On engineering progress, Akim shared that the team is currently flight testing a quarter-scale, fully electric prototype — deliberately not yet incorporating the hybrid propulsion system — to first nail down the aerodynamics and design data needed before integrating the hybrid powertrain into the full-scale aircraft. As he disclosed, the build was the fastest turnaround of any prototype worked on thus far; further, Nimbus Aerospace aims to leverage already-established manufacturing processes to hasten certification timelines.Additionally, Akim revealed that safety remains his number one filter on every decision, from flight testing to design changes. Akim then spoke candidly about representation in the industry, noting that he and Adrian are regularly approached by people — including women — who prior to their conversation did not realize people from diverse ethnic backgrounds could start a company like Nimbus Aerospace, underscoring why diverse leadership matters for driving innovation in aviation and aerospace.Learn more about:⁠⁠⁠⁠⁠⁠⁠Nimbus Aerospace⁠⁠The Energy Talk PodcastConnect on LinkedIn with:⁠⁠Adrian Groos⁠⁠ ⁠Akim⁠ Niyonzima

In the final episode of the Electrified & Exposed mini-series, we are pivoting from the private sector perspective to the public sector perspective. Podcast series host, Churchill spoke to two finance experts who are at the heart of the design and the implementation of currency risk solutions in Africa’s energy transition.Arun Singh (Senior Energy Specialist) & Magnus Nilsson (Impact Fund Manager) talk to us about why currency risk will significantly shape which technologies are deployed across sub-Saharan African countries, why some technologies are more likely to benefit from currency risk mitigation  instruments, and of course, we touch on local currency financing touching on questions such as why institutional investors are still not in a position to invest in the energy sector in parts of the region. We also cover a lot of ground from solar home systems to geothermal, from parallel market rate distortions to pension fund investment mandates that could be the game changers for the energy transition.Views expressed are those of our guests in their personal capacities and do not represent the official positions of their organisations.Reference to IMF report: IMF (2021), Recognizing Reality: Unification of Official and Parallel Market Exchange Rates. Link: https://www.imf.org/en/publications/wp/issues/2021/02/06/recognizing-reality-unification-of-official-and-parallel-market-exchange-rates-50047 If you haven't listened to Episode 1 yet,  featuring Daniel Komolafe (First Electric, Nigeria) and Bodunde Akinola (CrossBoundary) — that is a good place to start! Listen here: https://creators.spotify.com/pod/profile/the-energy-talk/episodes/Electrified--Exposed-Ep-1-Why-Currency-Risk-Matters-for-Sub-Saharan-Africas-Off-Grid-Energy-Future-e3j6mon Podcast hosted by Churchill Agutu (Collegium Helveticum Research Fellow, 2025/26)Produced and edited by (Tosin George, Churchill Agutu)Sound editing (Victor Adeolu)Learn more about:⁠⁠⁠⁠Collegium Helveticum⁠Connect on LinkedIn with:⁠Churchill Agutu⁠ Arun SinghMagnus Nilsson

Currency risk (often referred to as FX risk) is one of the most under appreciated barriers to sub-Saharan Africa's energy transition. In many contexts it is not just a financing headache. It shapes which projects get built, which companies survive, and which communities remain without power.The Energy Talk partnered with Dr. Churchill Agutu from the Collegium Helveticum to explore this issue through the voices of the practitioners navigating it every day — developers, advisers, investors, and institutions working at the heart of the challenge. We are doing a 2 episode mini-series on the topic. In Episode 1, we zoom into the off-grid electricity sector.We speak with Daniel Komolafe, CEO and Founder of First Electric, Nigeria, and Bodunde Akinola at CrossBoundary.Daniel takes us back to First Electric's early days deploying mesh grids in rural Nigeria. He describes how the Naira moved from 300 to the dollar to 1,500 to the dollar, a fivefold depreciation, pushing his company to the verge of insolvency on a $50,000 blended debt facility. As he puts it: if they had taken a more significant loan, the company would have been totally bankrupt. It is a story many energy entrepreneurs across the continent will recognise.Bodunde brings a different lens. Drawing on his experience advising companies across frontier markets, he walks through the core solutions:  hedging, tariff indexing, blended financing, and local currency financing, and is candid about where the real difficulty lies: scaling local currency financing remains the hard problem that the sector has not yet solved.Learn more about:⁠Publication on financing costs for off-grid electrification in sub-Saharan Africa⁠Collegium HelveticumFirst Electric CrossBoundary Advisory Connect on LinkedIn with:Churchill Agutu Bounde AkinolaDaniel Komolafe

Valentina Guido Bergamo, Senior Associate at RMI, joins as guest host on this episode of The Energy Talk podcast recorded in Kampala, Uganda during the Energy Access Investment Forum (EAIF) in 2025.We discuss the role of women in Africa’s clean energy transition through the Africa Minigrids Program (AMP) and the Global Women in Clean Energy Fellowship, including the launch of its first cohort across Nigeria, Ethiopia, and Zambia. This episode also features interviews with Farida Ahmed Karim, AMP Project Manager in Comoros, and Sylvie Vavizara, Regional Director at Madagascar’s Ministry of Energy and Hydrocarbons, highlighting leadership, community impact, and efforts to advance gender equality in the minigrid sector.The Africa Minigrids Program (AMP) is funded by the Global Environment Facility (GEF), led by UNDP and implemented in partnership with RMI and the African Development Bank. Some activities are also supported by the Governments of Denmark and Luxembourg.  Learn more about:⁠⁠African Minigrids Program (AMP)⁠RMI Global Women in Clean Energy FellowshipEnergizing Women and Youth in Agri-Food Systems ProgramConnect with:Farida Ahmed KarimSylvie VavizaraValentina Guido Bergamo

Valentina Guido Bergamo, Senior Associate at RMI, joins as guest host on this episode of The Energy Talk podcast recorded in Kampala, Uganda during the Energy Access Investment Forum (EAIF) in 2025. We discuss the Global Women in Clean Energy Fellowship program that recently launched its first cohort in Nigeria, Ethiopia, and Zambia.  This episode also includes a feature interview with Shamiso Kacelenga,  Program Analyst for energy with the UNDP, Malawi Country Office.The Africa Minigrids Program (AMP) is funded by the Global Environment Facility (GEF), led by UNDP and implemented in partnership with RMI and the African Development Bank. Some activities are also supported by the Governments of Denmark and Luxembourg. Learn more about:Needs assessment findingsAfrican Minigrids Program (AMP)Global Women in Clean Energy Fellowship Connect with:Shamiso KacelengaValentina Guido

In this episode of The Energy Talk, we delve into the inner workings of the REPP 2 fund, a groundbreaking initiative managed by Camco, aimed at transforming the renewable energy landscape in Sub-Saharan Africa. We welcome Ben Hugues (Fund manager of REPP 2) and Ieva Indriunaite (former head of REPP 2’s technical assistance facility), to share insights into the fund's blended finance structure, which not only mobilizes substantial investments but also prioritizes social impact and sustainability. The conversation covers key strategies for selecting projects, the challenges of navigating diverse regulatory environments, and the critical role of partnerships in driving success. We also explore exit strategies and how they balance financial returns with lasting community benefits. Tune in to discover how REPP 2 is poised to make a significant impact in providing clean, reliable energy access to millions across the continent.