Nigeria launches 300 million dollar solar fund
By the AFREEQUE newsroom, based on Punch
The Nigeria Sovereign Investment Authority, Africa50 and Sustainable Energy for All are launching a 300 million dollar fund to develop mini-grids and standalone solar systems in Nigeria. The initiative is intended to expand access to electricity for underserved people and businesses, according to a statement cited by Punch.
The Nigeria Distributed Renewable Energy Fund, a 300 million dollar fund for decentralised renewable energy, has been commercially launched by the Nigeria Sovereign Investment Authority, Africa50 and Sustainable Energy for All. The fund is intended to finance mini-grids and standalone solar systems for underserved communities and businesses, according to a statement cited by Punch.
The fund was presented as a major milestone in development financing at the Africa Social Impact Summit Global Action Forum, held in New York on the sidelines of the 81st United Nations General Assembly. Yusuf Umar, managing director of the Renewables Investment Platform for Limitless Energy, launched by the NSIA, said the mechanism could mobilise capital at scale, expand access to electricity and support the creation of economic opportunities, Punch reports.
