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The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have launched a groundbreaking partnership to establish a $500 million Distributed Renewable Energy Nigeria Fund. This innovative fund aims to develop and finance renewable energy projects across Nigeria, providing reliable and cost-effective power access to homes and businesses.
For further information, read more details here
The fund’s primary objective is to address critical challenges such as currency volatility, tariff structures, and limited local currency financing options. It will offer tailored financial instruments to attract private sector capital and catalyse local currency funding from pension funds, insurance companies, and other local institutional investors.
Damilola Ogunbiyi, CEO of SEforALL, emphasized the significance of the fund, saying, “This fund will attract the long-term patient capital required to scale projects, especially from institutional investors. With the Fund’s targeted focus on scaling up decentralised energy solutions, we are one step closer to achieving universal energy access across Nigeria.”
Aminu Umar-Sadiq, Managing Director of NSIA, highlighted the fund’s strategic importance, stating, “The DRE Africa Platform represents another major step in our commitment to unlocking Africa’s renewable energy potential. With the DRE Nigeria Fund, we are creating a scalable model to attract global investments, drive industrial development, and enhance energy access for millions of Nigerians and Africans at large.
The fund is expected to benefit from catalytic capital from the International Solar Alliance through the Africa Solar Facility. Ashish Khanna, Director-General-Elect of ISA, noted, “Mobilising private investments and promoting catalytic finance through grants and equity is the key to a sustainable, energy-secure future for the African region.”
Alain Ebobisse, CEO of Africa50, remarked, “This innovative collaboration aims to unlock the right financing instruments to fund projects at scale and help solve the energy access gap in Africa, bringing power to millions of Africans and driving economic growth for businesses and communities across the continent.”
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