The Nigeria Sovereign Investment Authority (NSIA) and its development partners have launched a $300 million Nigeria Distributed Renewable Energy (DRE) Fund to expand off-grid electricity and renewable energy projects across the country.
The fund was commercially launched on the sidelines of the United Nations General Assembly in New York, marking the shift from its structuring phase to active capital deployment.
The initiative, co-managed by NSIA and Africa50, will support distributed renewable energy projects, including mini-grids and standalone solar systems, particularly in communities and businesses underserved by the national grid.
The fund brings together NSIA, Africa50, Sustainable Energy for All (SEforALL), and the World Bank, with support from the International Solar Alliance. It is also aligned with Mission 300, which aims to connect 300 million people across Africa to electricity by 2030.
NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the launch signalled that Nigeria’s distributed renewable energy market was ready to attract and deploy investment at scale.
Africa50 CEO Alain Ebobissé said the partnership combines NSIA’s local market expertise with Africa50’s investment capabilities, SEforALL’s energy-access expertise, and the World Bank’s development financing.
SEforALL CEO Damilola Ogunbiyi said the fund would help translate Nigeria’s electricity-access ambitions and Mission 300 into concrete investments and new electricity connections.
The launch comes as Nigeria seeks to expand electricity access through decentralized renewable energy, including solar and mini-grid solutions, for areas poorly served by conventional power infrastructure.
Leave feedback about this