Nigeria secures $500 million Renewable Energy Fund to expand power access
By Kunle Sanni
Nigeria has taken a significant step toward expanding renewable energy access with the launch of a $500 million Distributed Renewable Energy (DRE) Nigeria Fund.
The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), International Solar Alliance (ISA), and Africa50 have partnered to develop and finance distributed renewable energy projects across the country, This Day reports.
The fund’s Heads of Terms (HoTs) agreement was signed at the SEforALL Global Forum in Barbados, marking a major milestone in efforts to bridge Nigeria’s energy access gap.
According to Damilola Ogunbiyi, CEO of SEforALL, the fund will mobilize long-term capital to scale up decentralized energy solutions and attract investment from institutional investors.
“This fund will attract the long-term patient capital required to scale projects, especially from institutional investors. With the fund’s targeted focus on scaling up decentralized energy solutions, we are one step closer to achieving universal energy access across Nigeria,” Ogunbiyi said.
The DRE Nigeria Fund is the first country-specific initiative under the broader DRE Africa platform, which aims to connect 300 million Africans to electricity by 2030 under the Mission 300 goal.
The fund seeks to raise capital to address critical barriers in Nigeria’s renewable energy sector, including currency volatility, tariff structures, and limited access to local currency financing.
