US solar energy provider targets Nigeria expansion
The expansion will serve more than 30,000 people in the oil-rich but electricity-poor Niger Delta region.
US solar energy company Renewvia Energy is expanding its operations into Nigeria, aiming to provide power to over 30,000 people in the oil-rich but electricity-poor Niger Delta region. The company, based in Atlanta, has recently raised $3 million from debt investors to support one phase of this planned expansion. The initiative, which includes deployment of grids backed by battery storage systems, is expected to be fully launched next year.
Renewvia Energy has previously secured a Nigerian government grant as part of a World Bank-led project to connect 300 million Africans to electricity by 2030. Solar minigrids have emerged as a viable alternative to unreliable fossil-fuel-powered national grids, which are strained by a lack of investment. In recent times, imports of Chinese solar equipment have surged, indicating a growing enthusiasm for this technology.
Nigeria, where approximately one-third of the population lacks access to electricity, has introduced a $750 million fund to assist private companies in connecting 17.5 million residents to a power source. This expansion by Renewvia Energy is a significant step towards addressing Nigeria's substantial energy needs.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
