Nigeria Sovereign Investment Authority (NSIA) has partnered with Sustainable Energy for All (SEforALL), International Solar Alliance (ISA), and Africa50 to inaugurate a 500 million dollar Distributed Renewable Energy (DRE) Nigeria Fund.
The Africa50 made this known in a statement on Friday.
It said that the agreement was signed at the SEforALL Global Forum in Barbados to improve energy access and stability in Nigeria.
SEforALL Chief Executive Officer (CEO), Damilola Ogunbiyi, said the initiative was key to achieving universal energy access.
“The launch of the DRE Nigeria Fund marks a pivotal moment in our collective efforts to address Africa’s energy access challenges. The Fund will support mini-grids, solar home systems, commercial and industrial power solutions, and energy storage technologies,” she said.
The NSIA Managing Director/CEO, Aminu Umar-Sadiq, said the Fund, co-managed by NSIA and Africa50, would serve as a model for other African nations.
Umar-Sadiq said it would also attract global investment and drive industrial development.
“The DRE Africa Platform represents another step in unlocking Africa’s renewable energy potential,” he said.
Similarly, ISA Director-General-Elect, Ashish Khanna, said the Fund would receive catalytic capital from the ISA’s Africa Solar Facility.
Khanna said there was a need for private investments in Africa’s energy sector.
“We will begin with Nigerian homes and businesses and then expand to other African countries,” he said.
Africa50 Chief Executive Officer, Alain Ebobisse, called the partnership a game-changer in solving Africa’s energy access gap.
“This collaboration aims to unlock financing instruments to fund projects at scale. The fund is expected to mobilise institutional capital and create public-private partnerships to scale renewable energy investments in Nigeria and across Africa,” Ebobisse said.