The International Finance Corporation (IFC) and Norwegian investment fund Norfund are providing a combined financing package of up to $83.2 million to scale off-grid and distributed energy solutions in Nigeria.
The funding initiative will support five renewable energy service companies – Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited, and StarTimes Energy – with the funding going towards the roll out of 315 solar hybrid minigrid sites in Nigeria, expected to facilitate 494,189 new connections in total.
IFC estimates that more than 85 million people in Nigeria, Africa’s largest economy, currently live without electricity.
“By supporting distributed renewable energy solutions, this initiative will help expand access to reliable electricity while reducing energy costs, strengthening local economies, and enabling income generating activities,” IFC’s statement adds.
Henry Ureh, CEO of Darway Coast Nigeria Limited, added that the support will help the company scale faster and deepen its impact. “Access to reliable electricity allows us to expand our operations, support local businesses, and create jobs in the communities we serve,” Ureh said.
The Africa Solar Industry Association (AFSIA) has identified over 4.8 GW of operational solar in Nigeria, according to figures from its project database, 115 MW of which currently comes from solar minigrids.
Last November, IFC announced plans to grant Nigerian developer Virtuitis $16 million in financing to build and operate 97 solar minigrids, connecting more than 140,000 off-grid consumers by 2027.
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