IFC and Norfund finance 315 solar hybrid minigrids in Nigeria

Type: Financing · Technology: Solar · Country: Nigeria · Value: $83.2M · Announced: 2026-05-04

The International Finance Corporation (IFC) and Norwegian investment fund Norfund are providing a combined financing package of up to $83.2 million to support the development of 315 solar hybrid minigrids in Nigeria. These minigrids will be rolled out by five renewable energy service companies: Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited, and StarTimes Energy. The initiative is expected to facilitate over 494,000 new electricity connections, addressing the material electricity access gap in Nigeria. This funding aims to scale off-grid and distributed energy solutions, thereby expanding access to reliable electricity, reducing energy costs, and strengthening local economies.

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