PowerGen partners with Oikocredit and others to connect 55,000 people to electricity in rural Nigeria
The electricity will be provided by 28 distributed renewable energy (DRE) systems, designed as solar PV and battery-powered mini-grids.
PowerGen has secured long-term project financing to connect 55,000 people to electricity in rural Nigeria from CrossBoundary Energy Access with construction financing provided by Oikocredit, Triodos Investment Management (Triodos IM) and EDFI ElectriFI (the EU-funded Electrification Financing Initiative). PowerGen is the leading developer of on-grid and off-grid distributed energy in Africa.
Nigeria is Africa’s largest economy but is plagued by poor energy access, particularly in rural areas, where only 25% of people have access to electricity. This has led many to turn to fossil-fuelled alternatives, like diesel generators and kerosene. The result is poor air quality, greenhouse gas emissions, and noise pollution, which is putting a burden on the health of rural populations that are already marginalised.
The DRE systems will provide clean, reliable electricity to 55,000 people and will mitigate over 2,000 MT CO2e annually, which is equivalent to removing 500 cars from the road per year. PowerGen’s service further empowers communities to increase local economic activity by reducing the cost of power and increasing access to productive power. This enables agricultural processing to mechanize the use of power equipment, such as welding machines and electric cooking appliances, and it enables electric mobility. These benefits are critical as low-income individuals manage the economic downturn brought on by the Covid-19 pandemic.
James Todd, Oikocredit’s Renewable Energy Investment Officer, said: “We are extremely proud to partner with PowerGen, Triodos IM, EDFI ElectriFI, and CBEA at the forefront of innovative solutions to rural energy access. Renewable energy mini-grids have enormous potential to provide safe, clean and reliable energy to millions currently experiencing energy poverty. This partnership will support productive use of electricity and in turn stimulate fundamental development in rural communities. This project, benefitting 55,000 people, forms a key tenet of our long-term commitment to supporting leading mini-grid developers across Africa while achieving higher social impact in communities we serve.”
- 22 juillet 2021 - PowerGen partners with Oikocredit and others to connect 55,000 people to electricity in rural Nigeria
- 20 juillet 2021 - Oikocredit makes interim changes to its Managing Board
- 15 juillet 2021 - Oikocredit’s new investment in Unaitas will support farmer cooperatives in Kenya
- 08 juillet 2021 - Oikocredit appoints new Regional Equity Managers
- 02 juillet 2021 - A better life in the cooperative