World Bank provides fiscal boost to solar hybrid mini grids in Nigeria

The Nigerian Rural Electrification Agency (REA), in collaboration with the World Bank, has signed a grant agreement with Renewvia Solar Nigeria for the Solar Hybrid Mini Grids Performance-Based Grant (PBG).

The grant agreements fall under the Nigeria Electrification Project (NEP) and concern the Oloibiriand Akipelaiin Bayelsa State communities.

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Renewia Solar Nigeria is the second company to sign agreements under the program. The PBG has also signed an agreement with renewable energy company Powergen to ensure the electrification of ten communities in Niger State.

The NEP’s goal is to increase electricity access to unserved and underserved communities across Nigeria. The grant agreement signing for the performance-based grant moves the NEP, FGN, REA and World Bank one step closer to electrifying Nigeria, one community at a time.

This event is a milestone towards energizing over 2.5 million Nigerians with clean, safe, reliable and affordable electricity.

Further to the NEP initiative, the African Development Bank (AfDB), the Government of Nigeria and the Africa Growing Together Fund (AGTF) have pledged joint financing of $200m to de-risk and scale-up private sector investment in the off-grid sector, nurturing a business ecosystem conducive to the rapid electrification of Nigeria’s off-grid communities.à‚ Click here for more on this off-grid initiative.à‚ 

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