Global Capital Connections: How U.S. Capital Is Reaching African Energy Projects
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Until recently, American institutional finance directed at African energy was largely confined to renewables, critical minerals and development-linked infrastructure. The U.S. International Development Finance Corporation (DFC) and the Export-Import Bank (EXIM) have since expanded their mandates to cover oil, gas and LNG infrastructure, opening a funding channel for African hydrocarbon projects that had been off-limits to US government-backed capital. For operators and governments heading to the Invest in African Energy Forum (IAE) 2027 in Paris from May 11-13, the question will be how to position their projects to access it.
This series, Global Capital Connections, examines how capital from different regions flows into Africa's energy sector and what it means for companies and governments competing for investment ahead of IAE 2027. It begins with the United States.
The DFC now holds an Africa portfolio exceeding $13 billion. In 2025, it expanded its strategic scope to include oil and gas infrastructure for the first time, redefining what qualifies as energy security finance. Its board approved a further round of Africa-focused investments in February 2026 targeting energy security, critical minerals and regional stability.
EXIM has similarly reopened its mandate for fossil fuel project support. On July 25, Morocco's ambassador to the US confirmed that EXIM has entered preliminary discussions on helping finance the $26 billion Atlantic Africa Gas Pipeline, following the ECOWAS intergovernmental agreement signed on July 19.
US Independents and Majors Are Expanding Into Africa's Frontier Basins
The mandate shift at the institutional level coincides with a renewed operational push by US companies into African frontier and deepwater plays. Kosmos Energy remains the most deeply embedded US independent in West African gas. Its Greater Tortue Ahmeyim (GTA) LNG project, co-developed with bp on the Mauritania-Senegal border, shipped 9.5 gross LNG cargoes in Q1 2026 and is targeting 32 to 36 for the full year. Unit operating costs are on track to fall by more than 50% year-on-year.
The partnership is now focused on Phase 1+ expansion to supply domestic gas in both countries, with heads of terms expected in 2026. How that next phase is financed, from long-term offtake to phased capital deployment, will be central to discussions at IAE 2027.
Chevron's re-entry into frontier exploration also reinforces the trend. In November 2025, the company acquired a 90% operating interest in two deepwater blocks near Guinea-Bissau in the MSGBC basin, following the first offshore well drilled there in nearly two decades. It also holds interests in Namibia's Walvis and Orange basins alongside established operations in Angola and Nigeria. A major of Chevron’s caliber conducting a basin revival in West Africa signals geological and commercial confidence that smaller operators and lenders are likely to act on.
What It Means for Projects Heading to Paris
U.S. institutional capital now has a mandate that covers gas, LNG and pipeline infrastructure. The DFC structures its deals around blended finance, credit enhancement and risk-sharing designed to bring in commercial co-investors. Projects that can demonstrate bankable offtake, clear regulatory frameworks and alignment with US energy security priorities are best positioned to compete for this capital at IAE 2027.
IAE 2027's B2G Day creates direct access between project sponsors and mandated capital through investor circles and structured government-to-investor sessions, as the Transaction Suite adds a further layer of deal-making. Across the three-day program in Paris, every sector where U.S. capital is now active or newly mandated will be represented.