The International Finance Corporation (IFC) has partnered with five distributed renewable energy (DRE) companies to expand mini-grid projects across Nigeria.
According to NAN, officials signed the agreement on Monday during the Mission 300 Africa Energy Summit in Dar es Salaam.
IFC formalized the deal with Havenhill Synergy Ltd., Prado Power Ltd., PriVida Power Ltd., Sosai Renewable Energies Ltd., and Virtuitis Solaris Ltd.
These companies participate in the World Bank-funded Nigeria DARES program, which the Rural Electrification Agency (REA) of Nigeria implements.
Through this partnership, Nigeria aims to reduce its electricity access gap and accelerate its transition to a more sustainable, efficient, and economically viable power supply.
At the event, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized the agreement’s importance in tackling Africa’s energy poverty.
“This summit now has a tangible milestone to showcase, culminating in the Dar es Salaam Declaration,” Edun stated.
“Today’s agreement will provide electricity access to 400,000 people, and we all understand its transformative impact.
“I urge everyone to maintain this momentum and focus on action rather than words.”
Edun applauded Ajay Banga, President of the World Bank, and Akinwumi Adesina, President of the African Development Bank (AfDB), for their crucial contributions to this initiative.
Adebayo Adelabu, Minister of Power, highlighted the necessity of public-private collaboration to achieve universal energy access in Africa.
Adelabu noted that bridging Nigeria’s $30 billion energy funding gap under Mission 300 requires joint efforts.
“Success depends on partnerships, cooperation, and collaboration. No single entity can achieve this alone,” he stressed.
“The government cannot fund this initiative independently. We need both local and international private sector involvement.”
He emphasized the importance of blending public and private financing sources, including equity and debt funding, to address Nigeria’s energy challenges.
Chantel Abdul, CEO of Solaris and a representative of the DRE companies, reiterated the organization’s commitment to expanding energy access in underserved communities.
She praised development partners for supporting the Distributed Energy Solutions (DES) program, which aims to provide off-grid electricity to those who need it most.
“This agreement demonstrates our development partners’ dedication to the M-300 agenda, as outlined by the Minister of Finance. Solaris deeply shares the mission of connecting 300 million Africans, including Nigerians, to electricity,” Abdul said.
She also acknowledged IFC’s role in providing bridge financing, which helps renewable energy firms scale their operations.
“This funding ensures that companies like ours have the necessary working capital to invest in and expand our projects,” she added.
Abdul reaffirmed Solaris’s goal of constructing 500 mini-grids over the next two years, beginning with 100 grids in the first year to connect at least 200,000 customers across 10 to 15 Nigerian states.
African Energy Council