Nigeria have announced a project finance agreement to build a $60 million portfolio of mini-grids that will connect over 150,000 people to electricity in Nigeria.“ENGIE has developed a pipeline of mini-grids to build over the next four years. CBEA will finance all of the development and construction activities and will own the projects.
“CBEA and ENGIE are excited that this innovative financing approach will provide electricity to more than 150,000 people in Nigeria and can be replicated across Africa.” Tessa Dignam, Senior Legal Counsel at CrossBoundary, said, “CrossBoundary Energy Access is excited to collaborate with an experienced developer like ENGIE. This partnership demonstrates an innovative and flexible approach taken to advance renewable energy solutions in Africa. Financing structures like the one between CBEA and ENGIE in Nigeria provide a framework for bringing even more private capital into the sector.
Onyinye Anene-Nzelu, Head, Mini-Grids, ENGIE Energy Access Nigeria, said, “This partnership shows what is possible within the off-grid decentralized renewable energy industry, in Nigeria and across Africa. It is a signal as well to other investors to come to Africa and become partners in progress to bridge its huge energy gap.”Benchmarking Africa’s Minigrids