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project

GVE

Country
Nigeria
Technology
Solar PV
Business model
Minigrid

Investment Name:  GVE

Contract Signature date: July 02 2019

Region: Sub-Saharan Africa

 Country: Nigeria

Sector: Solar PV

Total ElectriFI Financing: 0.75 M EUR

Environmental and Social Category: B

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

Project overview:

Funding objective and impact: Purpose of the financing is to finance the construction and operations of rural mini-grids across Nigeria, contributing to the finalization of the First Phase of the Company’s medium term expansion plans 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.

Environmental and social rationale:

This transaction is rated as B.

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.