IFC and Norfund finance 315 solar hybrid minigrids in Nigeria

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.

Counterparts (7)

Developer

Darway Coast Nigeria Limited

company · 1 deals

Lagos-based renewable energy developer focused on delivering scalable solar mini-grid and micro-grid solutions to off-grid and underserved communities across Nigeria, with over 3 GW of deployed capacity.

PriVida Power Limited

company · 1 deals

UK-based renewable energy developer focused on solar PV, bioenergy, and green hydrogen projects with 3.5 GW of installed solar capacity and ambitions to expand across the United Kingdom.

S

StarTimes Energy

company · 1 deals

GVE Projects Limited

company · 1 deals

Abuja-based renewable energy developer focused on solar PV minigrids in Nigeria, with 5.1 MW operational capacity serving 140,000+ people and $6.5M invested in rural electrification projects.

Prado Power Limited

company · 1 deals

Abuja-based renewable energy developer focused on deploying microgrids, commercial/industrial solar, utility-scale solar, and residential solar solutions across Nigeria and Africa to address energy access gaps.

Lender

Norfund

company · 4 deals

Norfund is a Norwegian investment fund that focuses on investing in renewable energy, financial institutions, and infrastructure in developing countries. They aim to create jobs, stimulate economic growth, and contribute to sustainable development.

International Finance Corporation (IFC)

company · 4 deals

The International Finance Corporation (IFC) is the largest global development institution focused on the private sector in developing countries. It encourages growth, advances economic development, creates jobs, and improves the lives of people by investing in impactful projects, mobilizing other investors, and sharing expertise.