The European Union (EU) has launched a 30 million Euro sustainable energy investment fund for off-grid solution development in Nigeria. The fund, Electrification Financing Initiative, (ElectriFI,) would be granted to Renewable Energy under some criteria such as viability of ideas to improve the energy situation in Nigeria. For more information see the IDTechEx report on Distributed Generation: Minigrid Microgrid Zero Emission 2018-2038.
EU-Ambassador to Nigeria, H.E. Ketil Karlsen, took the stage during this year's Nigeria Energy Forum to proclaim the news: "With ElectriFI Nigeria, the European Union allocates €30 million of investment capacity to partner with Nigerian businesses and project developers working to increase energy access from sustainable energy sources".
Nigeria's energy sector shows great potential for renewables. This has become evident during the conference in Lagos where over 200 participants gathered to discuss key energy challenges. Introducing the ElectriFI Nigeria facility, Quentin Antoine, Senior Investment Manager stressed ElectriFI is a specialist equity and debt financing facility for off-grid renewable energy companies in Nigeria. ElectriFI targets projects leading to new and improved connections to electricity for populations living principally in rural, under-served or unreliably-served areas. The investment strategy focuses, in urban areas, on captive power producers servicing commercial and industrial off-takers, and, in rural areas, on solar home systems and mini-grids developers and operators.
With €30 million this particular facility is one of ElectriFI's largest country windows and a great opportunity for business and project developers. Other financiers will equally benefit, as ElectriFI's guiding principles are additionality and neutrality; helping de facto de-risking and attractive private investments in the Nigeria's renewable energy market.
Source and top image: ElectriFI