The Nigeria Sovereign Investment Authority, NSIA, and its partners have launched a $300 million Distributed Renewable Energy, DRE, fund to scale private investment in renewable energy and expand electricity access to underserved communities and businesses.
NSIA, Sustainable Energy for All, SEforALL, and Africa50, an infrastructure investment platform founded by AfDB and African states, announced the commercial launch on the sidelines of the UN General Assembly in New York.
The launch marks the transition from structuring to active capital deployment.
According to the partners, the fund will mobilise capital for distributed solutions including mini-grids and standalone solar systems, especially for areas not served by grid infrastructure.
“It also supports Mission 300, the ambitious effort to connect 300 million people across Africa to electricity by 2030,” the statement said.
NSIA Managing Director, Aminu Umar-Sadiq, said the launch shows Nigeria’s DRE market is ready for large-scale investment, coming at a time when off grid solutions are critical to closing energy gaps and strengthening energy security.
Africa50 CEO, Alain Ebobissé, said, “Together, we are turning Nigeria’s energy needs into investable opportunities and building a model that can scale across Africa.”
SEforALL CEO and Special Representative of the UN Secretary-General, Damilola Ogunbiyi, said, “By creating a dedicated financing mechanism to scale distributed renewable energy, Nigeria is demonstrating how country led action can translate Mission 300’s ambition into concrete investment and connections.”
ISA Director-General, Ashish Khanna, described it as “a landmark financing model for expanding private sector led distributed renewable energy across Africa.”
He added, “As the first country level demonstration linked to a continental financing platform, given the ambition and scale in Nigeria, it shows how innovative financial structures can mobilize capital more efficiently, support local market development and accelerate progress towards universal energy access.”
World Bank Managing Director of Operations, Anna Bjerde, said, “The World Bank is proud to be a founding partner, and our initial $25 million IDA contribution reflects our commitment to bridging funding sources and delivering real connections to people and communities across the continent.”
The partners said the fund will serve as a model for other countries and support growth of African DRE companies.
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