Innovative Financing Secures 28 New Minigrids in Nigeria
In Nigeria, a developer has secured project financing to establish 28 distributed renewable energy (DRE) systems, designed as solar PV and battery-powered minigrids with an aim to connect 55,000 people to electricity in rural areas.
PowerGen is partnering with CrossBoundary Energy Access (CBEA), Oikocredit, Triodos Investment Management and EDFI ElectriFI to facilitate the development.
Oikocredit, Triodos IM and EDFI ElectriFI are acting as the construction financiers for the transaction, providing $9 million of financing for the construction phase of the project. Once operational, CBEA will purchase the portfolio, becoming the long-term owner of the systems and providing the construction financiers with an exit.
Photo courtesy of World Bank Photo Collection.