CrossBoundary Energy Access & ENGIE Energy Access Sign Largest Mini-Grid Project Finance Transaction In Africa To Build $60M Of Mini-Grids In Nigeria

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CrossBoundary Energy Access & ENGIE Energy Access Sign Largest Mini-Grid Project Finance Transaction In Africa To Build $60M Of Mini-Grids In Nigeria
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It's 2022, and 600 million people in Africa still don't access to electricity. About 50% of them live in the Democratic Republic of the Congo (DRC), Ethiopia, Nigeria, Tanzania, and Uganda. To ensure that universal

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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

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