In Nigeria, two projects from SEforALL investment prospectus reach financial close - ISA to provide US $75 million in credits

The Federal Government of Nigeria has a vision to achieve 30,000 megawatts of electricity by the year 2030, with at least 30% from renewable energy sources (Electricity Vision: 30-30-30). To drive this vision, new sustainable energy policies were developed under the auspices of the Inter-Ministerial Committee on Renewable Energy and Energy Efficiency (ICREEE) with the support of various development partners (ECREEE, AfDB, EU, GIZ, WB etc), notably the National Renewable Energy and Energy Efficiency Policy (NREEEP) 2015, the National Renewable Energy Action Plan (NREAP), the National Energy Efficiency Action Plan (NEEAP) 2016, and the Sustainable Energy for All (SEforALL) Action Agenda (AA) 2016.

Nigeria’s Sustainable Energy for All (SEforALL) – Investment Prospectus (IP) was developed with the support of the SEforALL Africa Hub, hosted by the African Development Bank and the collaboration of various other development Partners: the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), the European Union (EU), the World Bank (WB), and the German International Agency for Cooperation (GIZ). The IP presents a pipeline of renewable energy projects from both private and public-sector developers that significantly contribute to achieving Nigeria’s Energy Vision EV- 30:30:30 and that require financing and are looking for investors. The IP was launched beginning of 2018 during a roadshow at the World Future Energy Summit in Abu Dhabi, UAE, and shortly after, presented at the International Solar Alliance (ISA) Founding Conference and Solar Summit held in New Delhi, India on March 11th, 2018.

As a result from the Conference, the Indian Government approved concessionary lines of credit to the Nigerian Government for the development of two Solar PV projects developed by the Ministry of Power, Work and Housing and captured in Nigeria’s SEforALL – IP:

1. US $8.36 milion to the Renewable Energy Micro-Utility (REMU) projects – 2 solar mini-grid projects in each of the six geopolitical zones of Nigeria (i.e. 12 projects) with a generation capacity of 10-1000kW each, providing access to electricity to rural customers.
2. US $66.6 million to the grid-connected 50MW Solar Power Plant in Bauchi State, North-Eastern Nigeria.

This commitment totalling around $75 million underscores the confidence of the International Investors in the Nigerian Power Sector and the role the SEforALL Investment Prospectus can play in matching projects with the right investors.

SEforALL note: This story first appeared on the SEforALL Africa Hub website and can be found here