Electricity Access: Firm Invests $5m on Mini-Grid in Nigeria
Blessing Ibunge in Port Harcourt As part of its efforts to bridge the electricity Access gap in Nigeria, a renewable energy firm, All On has invested $5 million in the
In the quest to expand electricity access in Nigeria, renewable energy firm All On has committed $5 million to PowerGen Renewable Energy Nigeria Limited (PowerGen). This investment, made through a mezzanine investment, aims to support the development of mini-grid projects that serve households, businesses, and industrial customers throughout the country.
Caroline Eboumbou, CEO of All On, revealed that the infusion of capital brings the company's Series C capital raise in line with contributions from WindGen Power USA Inc., ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA), and InfraCo.
PowerGen's expertise in Nigeria is attributed to its successful development of interconnected renewable energy infrastructure, such as the Toto Community Mini Grid Project in Nasarawa State, which holds the distinction of being Nigeria's first interconnected hybrid solar mini-grid. Eboumbou emphasized that All On's expanding portfolio enables it to provide both standalone and grid-connected renewable energy solutions tailored to various customer and market segments.
The investment is anticipated to facilitate the connection of up to 6,000 households, benefit an estimated 41,000 individuals, generate up to 9 MW of power, and deliver over 17 MW + MWh of combined energy impact. Aaron Cheng, CEO of PowerGen, expressed that the investment underscores the company's commitment to empowering Nigerian energy firms with robust experience, technical capabilities, and scalable business models to expand reliable electricity access in underserved and unserved communities.
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