The survey was issued to 70 entities that are active investors in the power sector of SSA. 51 surveys were completed by individuals at 48 of these entities, resulting in a response rate of 69%. It contains four sections: 1) Investor details: Participants provided contact details, their area of work within the power sector, and their favored segment of the supply chain. 2) Investor experience: Participants listed countries in which they have invested in the power sector, the segment of the supply chain they invested in, and their overall investment experience (positive, mixed, negative) in each case, 3) Investor perceptions: Participants rated the readiness of the regulatory arrangements of each segment of the supply chain in SSA and of countries in SSA (positive, mixed, negative). 4) Importance of risks to investors: For each risk category, participants ranked constraints according to how important they are when making an investment. They also ranked the three risk categories.

Aggregate data were collected from various public sources, including Aisenman et al’s (2010), Kojima and Trimble’s (2016) and the World Bank’s _RISE_ and _WDI_ indicators. Data were also collected from internal World Bank documents. Using the survey data, we produce the following statistics on investors’ priorities when making an investment decision: First: Overall risk category score (between 0-10) to answer the question whether – on the highest level of risk aggregation – policy and regulatory risk, power sector context risk, or country context risk is the most important risk category. Second: Risk factor scores – disaggregating the three risk categories into the 10 underlying risk factors – to further understand what drives the importance of risk category scores (e.g., whether the importance of the policy and regulatory environment to investors is driven by concerns around the ease of market entry, clarity of investment priorities or the certainty of cash flow). Third, risk constraints – on the lowest level of aggregation – which describe for each risk factor, the underlying investment constraints (e.g., are worries surrounding the certainty of cash flow driven by a lack of a government support mechanism or insufficient tariff-setting guidelines?). Hence, these three sets of statistics allow us to provide a high-level picture, while drilling into the driving factors behind each aggregate result.

Using the survey data, we produce the following statistics on investors’ priorities when making an investment decision: 1) Constraint scores: Within each risk category of our framework, a score is allocated to each constraint for each survey participant (between 0 and 10, where 10 is the most important constraint to the investor). 2) Risk scores: Within each risk category, a score is allocated to each risk for each survey participant (between 0 and 10). 3) Risk-category scores: A score is allocated to each risk category for each survey participant (between 0 and 10). We then use the risk category score to weigh each risk and constraint score, as we assume that the relative importance of each risk and constraint score is determined by the overall importance of the specific risk category score.

The sample covered all segments of the power sector: power generation, transmission, distribution, off-grid and mini-grids and both international and local investors (see Figure 2). Half of the survey respondents are incorporated in Africa, which reflects the increasing importance of investors of developing and emerging economies in the power sector (Ettinger, 12