Image: Aerra Carnicom, Wikimedia Commons
UK Energy Developer Konexa, Investment Manager Climate Fund Managers (CFM) and Norwegian Development Financing Institution Norfund have signed a development financing agreement in Nigeria.
The agreement will see the development of a new 50 MW Sun Factory in addition to new and reinforced grid infrastructure that connects two locations of Nigerian breweries.
The partners jointly invest $ 3.6 million. CFM’s EU supported Blended Finance Facility Climate Investor One will contribute 50%, while Norfund and Konexa will each contribute 25% to the total.
According to a statement from Konexa, it is expected that the obligations are expected to unlock around $ 80 million from further investments for construction at Financial Close, expects in the second half of this year.
The new project will also support the continuous rollout of Konexa Private Hurnewable Energy Trading Platform To a broader basis of commercial and industrial customers in Nigeria.
“The early support of the European Union has helped to unlock private capital for the first phase of the project, and we expect that the catalytic financing of Norfund will do the same for the next phases,” said Darron Johnson, CFM Regional Head of Africa. “It is a clear example of how mixed financing on scale can be in emerging markets such as Nigeria, where access to electricity remains a critical problem.”
In March, the National Electigation Office of Nigeria an agreement was concluded with the renewable energy sources Developer Oando Clean Energy, based in Lagos 1.2 GW Solar Assembly Plant.
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