PowerGen (follow-on)
- Country
- Nigeria
- Technology
- Hybrid Solar-Battery-Genset
- Business model
- Minigrid
EDFI ElectriFI invested USD 3m, together with Oikocredit and Triodos Investment Management to support PowerGen – one of the leading developers in Africa of on-grid and off-grid distributed energy – to construct 28 rural mini-grids in Nigeria.
Contract signature date: July 2021
Total ElectriFI financing: USD 3 m (EUR 2.55m equivalent)
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
About the project:
ElectriFI, Oikocredit, and Triodos Investment Management committed USD 3 million to construct 28 rural mini-grids representing 11,000 new connections to electricity in Nigeria. Once operational, the CrossBoundary Energy Access will acquire PowerGen Nigeria Assets Ltd and becoming the long-term owner and providing the construction financiers with an exit.
PowerGen is one of the leading developers in Africa of on-grid and off-grid distributed energy, with offices in Kenya, Nigeria, Sierra Leone, Tanzania, and Benin. PowerGen has installed more than 3 MW of renewable energy projects across 10 countries and currently serves over 20,000 customers. The company was founded in 2011 with a vision to provide clean, reliable, and affordable electricity to 10 million people by 2030.
At a glance
- Number of beneficiaries
- 159000
- Annual output (MWh/y)
- 3.010
- GHG avoidance (tCO2eq/y)
- 11850
Impact
- Beneficiary
- PowerGen Nigeria Assets Ltd.
- Financial instrument
- Equity
- Amount
- USD 3m (EUR 2,55m)
- Country
- Nigeria
- Technology
- Hybrid Solar-Battery-Genset
- Business model
- Minigrid
- Year
- 2021
- Facility
- ElectriFI global + Nigeria Country Windows