Energy Outlook 2026: Capital Discipline Meets Demand Growth

International majors have continued to rationalise portfolios, releasing assets that remain economically compelling at scale appropriate to specialist investors and indigenous operators.

Simultaneously, African energy demand growth outpaces most global forecasts, driven by urbanisation, industrialisation and the electrification of transport and cooking.

The result is a structural financing gap. Traditional lenders have retrenched, development finance institutions face mandate constraints, and the space between them is where structured, institutionally governed capital earns its return.

We expect the most durable returns to accrue to investors who combine transaction expertise with genuine operating relationships, and who are prepared to hold through a full development cycle.