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Nigeria and UN Launch $500M Fund for Distributed Renewable Energy
Nigeria, in collaboration with the United Nations-backed Sustainable Energy for All (SEforALL) organisation, has set an ambitious $500 million target for a fund aimed at accelerating the deployment of distributed renewable energy solutions, including solar home systems and mini-grids.
The fund, supported by the Nigerian Sovereign Investment Authority (NSIA), will be managed by Africa50, an infrastructure investment platform established by the African Development Bank (AfDB), according to a Bloomberg report. Additionally, Nigerian pension funds are expected to contribute to the initiative, said Damilola Ogunbiyi, CEO of SEforALL.
The objective is to create a fund that is both accessible and denominated in local currency, ensuring that local developers can easily tap into it, Ogunbiyi stated during an interview in Cape Town at a global summit for development finance institutions.
The fund is part of the Mission 300 programme, an initiative spearheaded by the World Bank and the African Development Bank (AfDB) to bring electricity to 300 million people in Africa by 2030. The broader initiative aims to mobilise tens of billions of dollars for eligible countries that implement key reforms, such as overhauling power utilities and adopting regulatory frameworks that attract private investment.
Africa50’s CEO, Alain Ebobisse, previously confirmed in a January interview that the fund was under development, though its final size had yet to be determined. In a separate effort, Africa50 is also launching a $200 million investment vehicle, the Africa Solar Facility, dedicated to financing distributed renewable energy projects across the continent. This initiative is backed by the International Solar Alliance and aims to accelerate the adoption of decentralised energy solutions.
Mini-grids and solar home systems are increasingly recognised as essential tools for electrifying remote communities and off-grid settlements. If you would like to learn more about the solar energy sector, our Solar Energy Consultant Expert Certificate focuses on the design, installation, and maintenance of solar photovoltaic systems. Currently, more than 80% of the world’s population without access to electricity, approximately 570 million people, resides in sub-Saharan Africa, with Nigeria alone accounting for 86 million of them. The increase of renewable energy projects hopes to make a difference to this statistic, demonstrating the importance of skilled professionals with training in the sector. You can view additional renewable energy training courses here.
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