IFC AND CANADA INVEST $5M IN NIGERIAN SOLAR MINI-GRID EXPANSION
The International Finance Corporation (IFC) has announced a $5 million investment in Husk Power Energy Systems Nigeria to expand solar hybrid mini-grids across rural Nigeria. The financing, supported by the Canadian government, will enable development and operation of up to 108 mini-grid sites.
The project targets approximately 28,750 new electricity connections, reaching around 115,000 individuals and businesses in underserved rural communities. The IFC’s contribution includes a $2.5 million senior loan and a $2.5 million concessional subordinated loan through the Canada-IFC Renewable Energy Programme for Africa.
“Adding 108 new communities to our mini-grid portfolio with IFC support is an important step toward our goal of deploying at least 250 MW of decentralized renewable energy projects in Nigeria,” stated Olu Aruike, Country Director of Husk Nigeria.
The total project cost is estimated at $25 million, with the investment falling under the IFC’s Distributed Access through Renewable Energy Scale-up Platform—a $200 million debt facility approved in November 2024 to promote private sector solutions in West and Central Africa.
This initiative represents a significant step toward addressing Nigeria’s rural electrification challenges while promoting sustainable energy solutions across the region.
Source: energycapitalpower.com
