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project

Green Village Electricity - GVE

Country
Nigeria
Technology
Solar PV
Business model
Minigrid

 

Contract Signature date: October 2019

Total ElectriFI Financing: 0.75 M USD

Environmental and Social Category: B

(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

Green Village Electricity (GVE) is a frontrunner and leading mini-grid developer in Nigeria. Founded in 2009, the company has gained extensive experience in deploying and developing  renewable energy solutions for off-grid electrification in rural Nigeria. GVE’s business footprint covers the design, sales, installation and maintenance of renewable energy solutions for residential, commercial, industrial and rural off-grid or under-served communities through commercially sustainable business models in line with our clients’ needs. ElectriFI will support the completion of 17 projects benefiting communities who had either no access to electricity or access to costly and polluting gensets.

Funding objective and impact:

ElectriFI finances the construction and operations of rural mini-grids across Nigeria, and contributes to the finalization of the First Phase of the Company’s medium term expansion plan which consists in the development and operations of 17 mini-grid sites for a total of 800kWp and about 4,000 new electricity connections.

Why ElectriFI wants to fund this project:

This project perfectly fits with ElectriFI’s mandate of financing new clean and reliable electricity connections in challenging environment. ElectriFi’s additionality is high as mini-grids are not yet financed by commercial banks and the sector is not attracting yet the same level of capital as other off-grid electrification sectors may.

Environment & Social rationale:

The project activities come with potential limited adverse risks associated with labour and working conditions, waste management and health& safety. The company is developing policies and procedures to address the associated risks accordingly.
IFC Performance Standards 1 to 4 might be triggered and addressed accordingly via EHS management plans.

GVE at a glance

 

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Impact

Number of beneficiaries
32,000
Annual output (MWh/y)
4,892
GHG avoidance (tCO2eq/y)
3,914

Key indicators

Beneficiary
Green Village Electricity
Financing instrument
Senior debt
Amount
EUR 0.75m
Country
Nigeria
Technology
Solar PV
Business model
Minigrid
Year
2019
Facility
ElectriFI global
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