BII backs Okra with $7m to accelerate clean energy

British International Investment (BII) has announced a $7 million debt facility for Okra, a company specializing in mesh-grid technology for off-grid communities. The investment aims to accelerate access to reliable and clean electricity in Nigeria, where an estimated 90 million people lack reliable power. By enabling Okra to procure equipment for approximately 150,000 new connections, the financing will potentially provide electricity to 750,000 people in rural Nigeria for the first time.

With the facility, Okra's current installed base of over 13,000 households and 2.3MW of installed capacity is expected to increase by more than 10 times. British Deputy High Commissioner in Lagos, Jonny Baxter, emphasized the importance of reliable electricity for economic growth, job creation, and improved livelihoods. Geoffrey Manley, BII's Director and Head of Infrastructure & Climate Debt, highlighted the importance of flexible financing for innovative energy companies like Okra.

The investment comes as Nigeria expands its distributed renewable energy initiatives, with mesh-grids eligible for results-based financing under the Distributed Access through Renewable Energy Scale-up program. Okra's CEO, Afnan Hannan, noted that the facility allows the company to procure long-lead time components upfront and in volume, reducing costs and shortening delivery times, ultimately bringing electricity to communities sooner.