Electricity Energy

Solar energy development partners increase funding support for Nigerian renewable energy firms

Photo caption: Participants during the DART Meeting in Ikoyi, Lagos.

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Development partners under the Demand Aggregation for Renewable Technologies (DART) programme have increased funding support to enable renewable energy firms in Nigeria scale up deployment of clean energy solutions to the people.
Global Energy Alliance for People and Planet (GEAPP) has increased its funding of DART by $10 million making its total commitment to be $20 million.
The programme is being managed by All On, which has committed $5 million to DART and is planning to disburse $9.3 million in 2024 to eligible renewable energy firms that meet the programme’s criteria.
The company has opened its application portal for eligible energy firms to apply for its facility. During a recent informational coffee meeting held in Ikoyi, Lagos, DART programme organisers presented state-of-the-programme and the 2024 action plans to stakeholders in attendance which comprised of representatives from GEAPP, ALL ON, Odyssey Energy Solutions and members of the Renewable Energy Association of Nigeria (REAN).
So far the programme boasts of 12 successful applications, the disbursement of $5.4 million and the support of 49 mini-grids in Nigeria.
The programme makes it easy for eligible renewable energy firms to access working capital including foreign exchange at concessionary rates as well as quality solar equipment such as solar panels, batteries, inverters, meters and other associated equipment and shipping services to their plant site seamlessly.
It also facilities the energy firms ability to access grants and loans from the several funds being managed by the Rural Electrification Agency of Nigeria such as the Nigeria Electrification Fund and from development banks.
Some of the programme beneficiaries include Prado Energy located in Ukum Local Government in Benue State which has developed a 350KW Solar Hybrid mini-grid plant and established 7602 connections in the community.
Prado Energy was given $1 million for the project which has been completed and the loan fully repaid. Creeds Energy founded in 2012 and operating in Abuja is another beneficiary of Dart funding and equipment support of $940,000 for 1000 units of solar home systems. These will be shipped directly from the original equipment manufacturers by Odyssey Procurement.
Baobab is another benefitting company. It is processing $2.25 million for small scale solar for productive use.

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