Sub-Saharan Africa’s renewable energy sector is projected to more than double its electricity generation capacity by 2030, driven by falling technology costs, rising electricity demand and supportive government policies, according to BloombergNEF’s latest New Energy Outlook.
The report forecasts rapid growth in renewable energy deployment across the region, with solar and wind expected to play a leading role as countries seek to improve energy access, strengthen energy security and reduce dependence on imported fossil fuels.
BloombergNEF projects that solar power will become the world’s largest source of electricity generation by 2032, while global battery storage capacity is expected to increase 17-fold by 2050, improving the reliability and flexibility of renewable energy systems.
The report notes that nearly 600 million people in Sub-Saharan Africa still lack access to electricity, making investment in renewable energy critical to expanding access and supporting economic development. South Africa, Kenya, Namibia and Zambia are expected to remain among the region’s leading renewable energy markets.
Despite the positive outlook, BloombergNEF identifies financing as the sector’s biggest challenge. It estimates that while global clean energy investment reached a record $2.3 trillion in 2025, annual investment will need to increase to $4.8 trillion between 2026 and 2030 to keep the world on track to meet the Paris climate goals.