November 16

InfraCredit Unlocks Domestic Investments to Support Clean Energy in Nigeria

By Helen Oji

InfraCredit has announced the credit enhancement of Darway Coast Nigeria Limited’s green debt issuance under a co-financing arrangement with the £10 million Climate Finance Blending Facility funded by the United Kingdom Foreign, Commonwealth and Development Office (FCDO).

The financing arrangement is an initial transaction under InfraCredit’s Clean Energy Funding Programme.

According to the institution, the programme seeks to aggregate, de-risk and unlock domestic institutional investments to support eligible clean energy projects in Nigeria, contribute towards meeting the country’s universal electrification goal by 2030 and the SDG seven target of ensuring access to affordable, reliable, sustainable, and modern energy for all.

Recall that the UK had in February 2022, announced a £10 million local currency blended co-financing facility with InfraCredit to help de-risk, reduce capital cost and catalyse at least an equivalent amount in private investment from domestic institutional investors to support off-grid clean energy companies to increase energy access for unserved and underserved people as well as small businesses in Nigeria.

Source: The Guardian Nigeria (link opens in a new window)