Oil and Gas

EU pledges to fund more renewable energy projects in Nigeria

The European Union, EU, has added an additional $11.9 million) to the initial $35.9 million set aside as funding for renewable energy projects in emerging markets with a specific designation towards financing projects within Nigeria.

The fund, which is to be managed by Climate Fund Managers (CFM), in cooperation with the Dutch entrepreneurial development bank FMO, has the potential to unlock 119.7 million in investments in renewable energy in Nigeria.

The funding is expected to enable the construction of over 150MW of renewable energy projects.

In addition to commitments already secured from other CI1 donors, some of this funding may go directly towards financing the second phase of a 30MW solar project and distribution concession in Kaduna, Nigeria.

Known as KONEXA, the project has already received approval for development activities under CI1’s Development Fund and is expected to enter construction in 2021.

KONEXA will help to drive sustainable economic growth in Northern Nigeria, and throughout the country.

Tarun Brahma, head of investments at Climate Fund Managers, said: “We are delighted to have received this further vote of confidence in Climate Investor One from the EU.

“The additional funding will better equip us to augment and accelerate our contribution to grid stability and energy sector development in Nigeria.”

Source: ESI Africa

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Olusegun Fayose

Olusegun Sunday Fayose, founder of RovingNaija.com is a Marketing Communication executive with experience in Corporate Communication, Public Relations, Branding and Advertising. He is also a seasoned media professional with roots in print, broadcast and online journalism. Segun, who last managed the Group Corporate Communication function of MultiChoice Nigeria, is upbeat that through responsible, fair, accurate and courageous reporting; and the support of readers, followers and patrons, Nigeria takes a step closer to a regime of accountability, fairness and equity in governance.

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