Tuesday
January 10
2023

New Community Solar Microgrids for Nigeria

By Theresa Smith

DEG allocated the funds from its Up-Scaling Program, which is co-financed by the German Federal Ministry for Economic Cooperation and Development. With a portfolio of around €9.2 billion DEG, a subsidiary of KfW is one of the world’s largest private-sector development financiers.

The 5-year loan of $749,000 follows Husk successfully closing debt totalling $10.3 million from EDFI-ElectriFI and IREDA in 2022 to build more than 200 microgrids in India. The DEG financing is the first debt raised by Husk for its business in Nigeria, where the company currently has 12 operational microgrids, and a target of building 500 by 2026.

The 8 microgrids in Nigeria will connect more than 500 residential and commercial customers, reduce the number of diesel generators in use by 400, while creating about 40 new direct local jobs.

Source: ESI Africa (link opens in a new window)

Categories
Energy
Tags
employment, solar, sustainable finance