In order to increase access to solar energy in Nigeria, the European Union has approved a $4.5 million working capital arrangement for Okra Solar. This was accomplished through the national portal for Nigerian ElectriFI. Okra aims to reach 76,000 beneficiaries by the end of 2025. By utilizing this financing to provide mesh-grid technology access to electricity to mini-grid developers.
Inverters and other energy generation and storage equipment are installed in every home in mesh-grids as opposed to mini-grids, which are centralized and modular. a plan that guarantees that the bulk of the energy is produced and utilised in the same area.
Remarks on the investment to boost access to solar-energy in Nigeria
“The technology that Okra Solar created is revolutionary. We take great pride in accelerating the creation of micro- and mini-grids in Nigeria in order to electrify rural areas. Okra has won numerous accolades, therefore we are convinced that its highly qualified team will succeed in this competitive industry,” said Maud Watelet, ElectriFI Principal Investment Officer at EDFI MC.
“In spite of the fact that grid extension for remote villages is 10 times more expensive than mesh grids, 80 million people in Nigeria still live off the grid. Okra is immensely thrilled to collaborate with EDFI ElectriFI. To introduce cutting-edge financial solutions that will enable regional developers to set up mesh grids at scale. And keep distributing electricity to the populace quickly,” said Afnan Hannan, Co-founder and CEO, Okra Solar.
In addition, Okra Solar has been working on this technology to electrify underprivileged or unserved communities since its inception. The company is currently concentrating on improving solar-energy in Nigeria. Which is a very strategic market and home to Africa’s largest population without access to electricity.
