Alain Nkontchou’s Enko Capital backs Angola solar projects with $100 million

Enko Capital, the Africa-focused investment firm led by Cameroonian financier Alain Nkontchou, has deployed funding from its $100 million Impact Credit Strategy into a solar energy infrastructure project in Angola, backing a 72.4MW development led by Metalosul, a unit of Omatapalo Group. 

The financing highlights a broader shift in Africa’s financing landscape, where private capital is stepping in to support critical energy infrastructure projects. It will fund the acquisition of photovoltaic panels for the Luneta solar site, with equipment sourced from suppliers approved by the Export-Import Bank of the United States, which is providing guarantees for the project.

Expanding solar capacity in Angola

The Luneta solar project is expected to generate 72.4 megawatts of electricity, improving access to reliable power and potable water in underserved regions. Angola, heavily reliant on fossil fuels, has been pursuing a broader strategy to diversify its energy mix through renewable sources.

The investment underscores the growing role of private credit in financing Africa’s energy infrastructure, particularly as governments and developers seek alternative funding sources to accelerate renewable energy deployment.

By supporting solar generation capacity, the project aims to strengthen energy access while enabling improvements in healthcare delivery, education, and local economic activity.

Private credit gains ground in energy financing

Enko Capital’s Impact Credit Strategy, which reached a first close of $100 million, is designed to provide long-term, flexible financing to mid-sized companies driving climate mitigation and adaptation across Africa. This reflects the firm’s focus on translating climate capital into tangible infrastructure assets, particularly in markets with rising demand for clean energy.

The Metalosul investment represents a flagship deployment under the fund, highlighting how private credit is increasingly filling financing gaps in large-scale infrastructure projects where traditional bank lending remains constrained. Metalosul, established in 2009 and headquartered in Lubango, specializes in metal structures and infrastructure development, positioning it as a key execution partner for the solar project. 

Omatapalo expands into renewable infrastructure

For Omatapalo Group, the partnership marks a strategic pivot beyond construction into energy infrastructure. The company, founded in 2003, has built a strong presence in Angola’s infrastructure sector and is now expanding into renewable energy through its subsidiary Metalosul. 

The Luneta solar project is expected to serve as a model for future renewable investments backed by private credit across Africa. Enko Capital is likely to continue deploying capital into similar climate-focused infrastructure, targeting sectors where funding gaps remain most acute.

As momentum builds, partnerships between private investors, development finance institutions, and local operators are set to define the next phase of Africa’s clean energy expansion.

Why this matters

Founded in 2008 by two brothers, Alain Nkontchou and Cyrille Nkontchou, Enko Capital now manages roughly $1.3 billion in assets across private equity, credit, and listed strategies. The firm has invested in more than 30 companies in 15 African countries, typically targeting firms with reliable cash flow and strong governance.

As countries like Angola push to reduce carbon intensity and expand electricity access, investments such as Enko Capital’s play a pivotal role in accelerating the transition to cleaner energy systems. The project also aligns with global climate targets and United Nations Sustainable Development Goals, particularly in affordable energy and climate action.

With demand for reliable power rising across the continent, scalable financing models like impact credit are expected to become increasingly central to Africa’s energy transition.