NSIA and Partners Launch $300M Renewable Energy Fund
The Nigeria Sovereign Investment Authority (NSIA), Africa50, and Sustainable Energy for All (SEforALL) have launched a $300 million Nigeria Distributed Renewable Energy (DRE) Fund aimed at expanding electricity access for underserved populations and businesses across Nigeria. This initiative was announced during the inaugural ASIS Global Action Forum in New York, coinciding with the 81st United Nations General Assembly.
Co-managed by NSIA and Africa50, with SEforALL providing leadership, the DRE Fund seeks to mobilize investments for distributed renewable energy solutions, including mini-grids and standalone solar systems. Yusuf Umar, managing director and CEO of Renewables Investment Platform for Limitless Energy (RIPLE), emphasized the importance of financing in addressing energy poverty.
He stated that the fund represents a significant step towards mobilizing capital for energy solutions. Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation, remarked that reliable energy can unlock business opportunities and improve essential services.
The fund's success will depend on collaboration among public institutions, investors, and private-sector partners.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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