This funding initiative comprises $1 billion for development, $5 billion for startups, and $25 billion in private sector investments over the next decade.

In September 2024, Egyptian Prime Minister Mostafa Madbouly secured a $5 billion investment pledge from Saudi Arabia's Public Investment Fund (PIF), marking the beginning of a broader investment strategy in Africa.

Saudi Arabia is making significant strides to enhance its energy influence in Africa, particularly through substantial investments in renewable energy and critical minerals.

The upcoming African Energy Week conference in Cape Town is set to play a pivotal role in facilitating investments and partnerships aimed at addressing energy challenges and promoting sustainability across the continent.

ACWA Power stands out as the leading private-sector investor in African renewable energy, with total project costs amounting to $7 billion, including significant projects like the Redstone solar plant in South Africa and the Kom Ombo solar plant in Egypt.

Additionally, ACWA Power is spearheading Project DAO, South Africa's largest hybrid renewable power plant, with an $800 million investment expected to commence operations by 2026.

On February 19, 2025, Egypt's Minister of Petroleum Karim Badawi and Saudi Arabia's Minister of Energy Abdulaziz bin Salman Al Saud signed an agreement to enhance energy efficiency cooperation, further solidifying their bilateral energy ties.

In late 2024, ACWA Power's Redstone solar plant in South Africa reached its full capacity of 100 MW, while the Kom Ombo solar PV plant in Egypt achieved a capacity of 200 MW.

Following this, in October 2024, Saudi Arabia announced a $41 billion funding initiative aimed at sub-Saharan Africa, which includes allocations for development, startups, and private sector investments.

In collaboration with the African Energy Chamber, Saudi Arabia is working to support energy investments in South Africa, ensuring that Africa's energy priorities are adequately represented in global discussions.

Minister Abdulaziz bin Salman Al Saud has emphasized that energy is a fundamental human right, advocating for access to clean cooking technologies to improve health outcomes for vulnerable populations.