Nigeria’s renewable energy push gets fresh $5m investment
The move to tackle inadequate supply of electricity in Nigeria through adoption of renewable energy has received a fresh boost with a $5 million investment that is expected to benefit about 41,000 beneficiaries nationwide. The Federal Government has adopted a shift towards clean, renewable energy through increased investments in solar energy as an alternative source […] Nigeria’s renewable energy…
The Federal Government of Nigeria has received a fresh $5 million investment to enhance its renewable energy push, which is expected to benefit approximately 41,000 beneficiaries across the country. The shift towards clean, renewable energy is part of the government's Energy Transition and Investment Plans (ETIP), aiming to generate $686.8 billion in fuel cost savings by 2060. To achieve this, Nigeria aims to install 277 GW of total installed capacity and over 104,000 mini-grids by 2030.
PowerGen Renewable Energy Nigeria Limited (PowerGen), a renewable energy organization, undertook the $5 million investment in ongoing projects. PowerGen specializes in renewable energy and distribution utility projects, delivering clean, reliable, and affordable power to Nigerians. The investment will support the development of isolated and interconnected mini-grid projects for households, commercial, and industrial customers.
PowerGen's CEO, Caroline Eboumbou, explained that the investment, backed by capital from various organizations such as WindGen Power USA Inc., ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA), and InfraCo, will enable the expansion of renewable energy infrastructure in communities with limited or unreliable access to electricity.
The projects are expected to support up to 6,000 electricity connections, reach an estimated 41,000 beneficiaries, and generate up to 9 MW of generation capacity and 17 MW + MWh of combined energy impact. Additionally, the investment will create approximately 470 jobs across the communities and businesses served.
The $5 million investment is set to replicate the Toto Community Mini Grid Project in Nasarawa State, Nigeria's first interconnected hybrid solar mini-grid, in other parts of the country. This project was recently launched by All On, a clean energy startup and entrepreneur support program funded by the United Nations-affiliated Global Energy Alliance for People and Planet.
As part of Nigeria's move towards clean energy alternatives, the Federal Government has also established a Renewable Asset Management Company (RAMCO) to mobilize N3 trillion into the renewable energy sector.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
