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Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA)
Thesis (PhD)--Stellenbosch University, 2025.
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Stellenbosch : Stellenbosch University
2025
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| _version_ | 1867613984558940160 |
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| access_status_str | Open Access |
| author | Hernandez, Jose Luis Bobes |
| author2 | Kibuuka, Paul |
| author_browse | Hernandez, Jose Luis Bobes Kibuuka, Paul |
| author_facet | Kibuuka, Paul Hernandez, Jose Luis Bobes |
| author_sort | Hernandez, Jose Luis Bobes |
| collection | Thesis |
| dc_rights_str_mv | Stellenbosch University |
| description |
Thesis (PhD)--Stellenbosch University, 2025. |
| format | Thesis |
| id | oai:scholar.sun.ac.za:10019.1/132424 |
| institution | Stellenbosch University (South Africa) |
| last_indexed | 2026-06-10T12:44:50.018Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from SUNScholar — Stellenbosch University Repository |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Stellenbosch : Stellenbosch University |
| publisherStr | Stellenbosch : Stellenbosch University |
| record_format | dspace |
| source_str | SUNScholar — Stellenbosch University Repository |
| spelling | oai:scholar.sun.ac.za:10019.1/132424 Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) Hernandez, Jose Luis Bobes Kibuuka, Paul Nanziri, Elizabeth Lwanga Stellenbosch University. Faculty of Economic and Management Sciences. University of Stellenbosch Business School. Sustainable development -- Africa Renewable energy sources -- Africa Infrastructure (Economics) -- Africa Energy development -- Africa Economic development -- Africa UCTD Thesis (PhD)--Stellenbosch University, 2025. Hernandez, J. L. B. 2025. Development Impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA). Unpublished doctoral dissertation. Stellenbosch: Stellenbosch University [online]. Available: https://scholar.sun.ac.za/items/a23f16ea-9584-4000-af7f-a0ece42a3400 ENGLISH SUMMARY: Limited access to electricity significantly impairs Africa’s development. Greater investment by African institutional investors in sustainable energy infrastructure assets (SEIAs) could dramatically improve this situation. This study focuses on four African countries, Morocco, Egypt, Kenya, and South Africa, that collectively contain 85% of the renewable energy assets installed on the continent and a large portion of the continent’s institutional investor capital. In this study, the investment characteristics of SEIAs are analysed using the Capital Asset Pricing Model, the CEPRES database of unlisted transactions, and statistical analysis tools on the CEPRES platform. A panel vector autoregression (Panel VAR) approach is also used to model the additional production of (renewable) energy from increased investment in SEIAs and the impact on development, namely GDP and employment. The findings of this study strongly suggest that investing in SEIAs is not an exotic venture. Instead, they embody very similar investment characteristics to other types of infrastructure. An increase in SEIA investments of only 1% of African institutional investors’ assets under management (AUM) would produce an increase of 0.2% of GDP or US$ 2.37 billion for the selected countries while resulting in a growth of employment of 0.1496% or 108 076 new jobs. Given the strong development impact, stable returns, and comparatively low risk of SEIAs established in this study, it is argued that restricting institutional investments in SEIAs to a tiny percentage – often less than 0.1% – is unwarrantedly cautious. It is hoped that this study will inspire regulators and institutional investors to re-examine this asset class and promote higher capital allocations to SEIAs. AFRIKAANSE OPSOMMING: Afrika se ontwikkeling word aansienlik benadeel deur beperkte toegang tot elektrisiteit. Groter belegging in volhoubare energie-infrastruktuurbates (VEIB’s) deur institusionele beleggers in Afrika kan hierdie situasie dramaties verbeter. Hierdie studie fokus op vier Afrikalande, Marokko, Egipte, Kenia en Suid-Afrika, wat gesamentlik 85% van die hernubare energiebates wat op die vasteland geinstalleer is, besit, asook ’n groot deel van die vasteland se institusionele beleggerskapitaal. In hierdie studie word die beleggingseienskappe van VEIB’s ontleed aan die hand van die Kapitalebates Prysmodel, die CEPRES-databasis van ongelysde transaksies, en die statistiese ontledingsinstrumente op die CEPRES-platform. ’n Paneelvektor-outoregressiemodel (Panel VAR) is ook ontwikkel om die bykomende produksie van (hernubare) energie as gevolg van verhoogde belegging in VEIB’s en die impak op ontwikkeling, naamlik BBP en indiensneming, te modelleer. Die bevindinge van hierdie studie dui sterk daarop dat belegging in VEIB’s nie ’n eksotiese onderneming is nie. Inteendeel, hulle bevat baie soortgelyke beleggingseienskappe as ander soorte infrastruktuur. ’n Toename in VEIB-beleggings van slegs 1% van Afrika-bates onder bestuur (ABOB) sal ’n toename van 0,2% van die gekose Afrika-paneel of US$2,37 miljard oplewer, terwyl dit ’n 0,1496% groei in indiensneming of 108 076 nuwe werksgeleenthede tot gevolg kan he. Gegewe die sterk ontwikkelingsimpak, stabiele opbrengste en relatief lae risiko van VEIB’s wat in hierdie studie bepaal is, word aangevoer dat die beperking van institusionele beleggings in VEIB’s tot ’n uiters klein persentasie – dikwels minder as 0.1% – ongeregverdig konserwatief is. Die hoop is dat hierdie studie reguleerders en institusionele beleggers sal inspireer om hierdie bateklas weer te ondersoek en hoer kapitaaltoewysings aan VEIB’s te bevorder. Doctoral 2025-06-06T10:25:27Z 2025-06-06T10:25:27Z 2025-03 Thesis https://scholar.sun.ac.za/handle/10019.1/132424 Stellenbosch University xvi, 152 pages : illustrations application/pdf Stellenbosch : Stellenbosch University |
| spellingShingle | Sustainable development -- Africa Renewable energy sources -- Africa Infrastructure (Economics) -- Africa Energy development -- Africa Economic development -- Africa UCTD Hernandez, Jose Luis Bobes Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title | Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title_full | Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title_fullStr | Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title_full_unstemmed | Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title_short | Development impact of attracting African capital for investment in African Sustainable Energy Infrastructure Assets (SEIA) |
| title_sort | development impact of attracting african capital for investment in african sustainable energy infrastructure assets seia |
| topic | Sustainable development -- Africa Renewable energy sources -- Africa Infrastructure (Economics) -- Africa Energy development -- Africa Economic development -- Africa UCTD |
| url | https://scholar.sun.ac.za/handle/10019.1/132424 |
| work_keys_str_mv | AT hernandezjoseluisbobes developmentimpactofattractingafricancapitalforinvestmentinafricansustainableenergyinfrastructureassetsseia |