Energy & Infrastructure in Francophone Africa
Entering 2026, Francophone Africa shows strong long-term fundamentals but short-term execution remains challenging. Demand for reliable power, transport and digital infrastructure continues to grow faster than supply, driven by urbanisation, expanding mining activity and rising C & I needs. Governments remain broadly supportive of private participation, but institutional capacity and attractive regulations still vary significantly. In short, the opportunities are real, but the execution environment remains complex.
Political instability continues to be a major concern. Recent coups in the Sahel( particularly in Niger, Burkina Faso and Mali) have slowed foreign investment and complicated access to permits and land. Even in more stable jurisdictions like Côte d’ Ivoire and Senegal, election periods can delay regulatory approvals and create uncertainty around contract enforcement. These dynamics reinforce the need for robust risk-mitigation structures and strong deal documentation.
The region urgently needs new generation, transmission and logistics capacity, but development bottlenecks frequently slow progress. Developers still face challenges such as uncertain land rights, slow environmental and technical approvals and limited grid-connection visibility.
Financing appetite remains solid but selective. DFIs continue to anchor long-tenor project finance, while commercial banks concentrate on shorter maturities or sovereign-backed structures. Interest from US corporates and financiers is rising, particularly around storage, grid technologies, LNG and digital infrastructure, supported by strategic supply-chain priorities and strong balance sheets. Persistent gaps remain in early-stage capital and long-dated local-currency debt, keeping realistic timelines to financial close at 18 – 30 months even for well-prepared projects. Portfolio financing and platform structures are increasingly used to build scale and reduce transaction friction.
The oil & gas sector also remains dynamic despite ongoing uncertainty around global oil prices. Several Francophone markets( including Congo, Gabon, Côte d’ Ivoire, Senegal and Mauritania) continue to attract upstream and midstream investment, driven by the need to monetise reserves and secure fiscal revenues. Gas, in particular, is gaining strategic importance as countries look to supply both domestic power markets and export routes. Investors should expect continued emphasis on local-content obligations, accelerated development of gas-to-power solutions and more scrutiny of decommissioning planning. While price volatility remains a risk, strong sponsor appetite, new LNG-linked opportunities and geopolitical diversification are keeping the sector active.
M & A activity continues to rise, particularly in operating renewable assets and brownfield transport infrastructure. This reflects a maturing market where developers recycle capital, international IPPs seek scale and infrastructure funds target established platforms. Buyers are increasingly focused on operational performance and regulatory stability, while sellers who present clean documentation and robust O & M strategies tend to achieve better valuations.
Recent Notable Matters
• IAMGold Essakane S. A.— advised on the 100 percent acquisition from Total Eren S. A and Chariot Transitional Power France SAS of Essakane Solar SAS, a company that operates a solar photovoltaic plant with 12-MWAC installed capacity located at the Essakane gold mine, province of Oudalan, in Burkina Faso. This deal is particularly noteworthy as it is related to a captive solar power project. It’ s one of the first of its kind in the region, combining the mining sector with the renewable energy sector.
• Tullow Oil plc( Tullow)— advised on the sale of its entire issued share capital in Tullow Oil Gabon S. A. to Gabon Oil Company( GOC), the Gabonese national oil company. The transaction represents a significant milestone in Tullow’ s portfolio management strategy and supports the group’ s focus on high-margin production and infrastructure-led exploration. The deal involves the transfer of Tullow’ s non-operated interests in several offshore and onshore assets in Gabon. Bracewell notably covered all local legal and regulatory considerations, drawing on a deep experience and proven track record in advising on complex multi-jurisdictional matters involving Gabon. bracewell. com