UK Pledges £10 Million for Energy Projects In Nigeria
By Soonest Nathaniel
The UK is providing up to £10 million of concessional aid to reduce the risk for pension and insurance funds to invest in energy access projects, and support Nigeria’s COP26 commitments.
The financing will help Nigerian investors focus on low carbon energy, supporting off-grid, low-carbon energy projects.
The £10 million will be blended to de-risk transactions and therefore mobilise domestic institutional investment from local pension funds, insurance firms and other local institutional investors.
This will help scale up domestic financing for eligible off-grid clean energy infrastructure, such as solar mini-grid and home systems, clean cooking infrastructure and SME cold storage infrastructure in Nigeria.