European and African business leaders and heads of state have announced a raft of clean energy and infrastructure investments at the recent Africa Forward Summit in Nairobi. Forty companies announced plans to invest roughly 27 billion euros ($31.5 billion) across about 30 projects in Africa. They aim to generate a combined 100 billion euros ($116.5 billion) in revenue while employing more than 600,000 people across the continent.
The wider goal is to deepen industrial ties and accelerate Africa’s transition to low-carbon power. Energy attracted the largest share of investments, roughly 14 billion euros ($16.3 billion). Agriculture, human capital, finance, AI, industrialization and the blue economy were also a focus.
Kenya and France jointly hosted the May 11-12 gathering, which organizers said was designed to build a “partnership of equals.” Africa and Europe, particularly France, have historically had a contentious relationship rooted in colonialism.
Commitments on renewable energy
French utility EDF confirmed plans for 2 gigawatts of hydropower projects across several African countries. French oil and gas major TotalEnergies outlined more than $10 billion in new investments by 2030, including $2 billion for renewable power in Rwanda and $400 million for clean cooking initiatives in Kenya, Uganda and Tanzania. TotalEnergies will also work with Ellipse Projects on the construction and renovation of hospital infrastructure worth $700 million.
