Nigeria DRE Fund reaches commercial launch milestone, a model for scaling DRE investment across Africa
On the sidelines of the United Nations General Assembly, the Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) unveiled a new investment vehicle to spur renewable energy investments in Nigeria The [$300 million] Nigeria Distributed Renewable Energy (DRE) Fund has reached a major milestone with its commercial launch, marking the transition […] The…
The Nigeria Distributed Renewable Energy (DRE) Fund recently achieved a major milestone with its commercial launch, transitioning from fund structuring to active capital deployment. This development aims to scale distributed renewable energy solutions across Nigeria, aligning with the country's national development priorities and supporting Mission 300, which seeks to connect 300 million Africans to electricity by 2030.
The commercial launch signals growing investor confidence in Nigeria's distributed renewable energy sector and is a crucial step towards mobilizing the necessary capital to expand off-grid and distributed renewable energy solutions. Aminu Umar-Sadiq, Managing Director and CEO of the Nigeria Sovereign Investment Authority (NSIA), emphasized the significance of this milestone, stating that it demonstrates the Nigerian distributed renewable energy market's investability and readiness for scale.
The Nigeria DRE Fund's establishment is a collaborative effort, bringing together NSIA's local market expertise, Africa50's pan-African investment capabilities, SEforALL's energy-access leadership, and the World Bank's global energy thought leadership and catalytic capital. Alain Ebobissé, Group CEO of Africa50, highlighted the strength of this partnership and the potential for this model to scale across Africa.
Damilola Ogunbiyi, CEO of SEforALL, noted that the fund offers a foundation for scaling distributed renewable energy solutions nationwide, providing a model for leveraging national leadership, aligned priorities, and innovative financing to unlock investment at the required scale. Ashish Khanna, Director General of the International Solar Alliance, underscored the importance of this financing model in mobilizing private capital and transforming Africa's energy sector.
The World Bank, as a founding partner, contributed $25 million in IDA funding, reflecting its commitment to bridging financing sources and delivering real connections to communities across the continent. The Nigeria DRE Fund, co-managed by Africa50 and NSIA, aims to scale and become a model for other countries, fostering collaboration among development finance, private capital, and regional expertise to achieve universal energy access.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
