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Includes bibliographic references. ; In the early 1990s, a new model emerged for the provision of electricity generation across developing regions. The model involved private sector participation in the form of independent power projects (IPP). Driving this change in business was insufficient public finance from host country governments, a reduction in concessionary loans from multilateral and bilateral development institutions, and a push for improved efficiency in a state-owned utility sector that was considered to be underperforming. This dissertation reviews how IPPs developed across both North Africa and Sub-Saharan Africa. The analysis focuses on the extent to which positive development outcomes (viz. reliable and affordable power) and investment outcomes (viz. favourable investment returns and the opportunity to grow investments) were both achieved. The dissertation posits that balancing development and investment outcomes leads to greater sustainability for projects. It further explores a range of elements that contribute to the success of projects, namely: the investment climate; policy, regulatory and planning frameworks; competitive procurement practices; availability of competitively procured fuel; favourable debt and equity arrangements, including new trends in the nature of IPP firms and credit enhancement arrangements; and new risk management techniques. In-depth case studies of IPP experiences in Egypt, Kenya and Tanzania are used to explore the question of balancing outcomes and sustainability. Reviews of IPP experiences in Cote d'Ivoire, Ghana, Morocco, Nigeria and Tunisia also supplement the analysis together with an evaluation of the foreign direct investment context and related theory. Framing the whole discussion is an examination of how the new model for electric power provision evolved and how power sector reform models need to be adjusted to better reflect the reality in developing countries and emerging economies.