Odyssey Energy Seeks $500m to Fund 550 Mini-grid Projects in Nigeria, 20 Others
Odyssey Energy Solutions, a Colorado-based renewable energy investment platform, is seeking $500 million for a pipeline of 550 mini-grids across Africa, Asia and Latin America.
If funded, the projects could add up to 150 megawatts of solar capacity and 275,000 connections across 21 countries, including Cameroon, Cape Verde, the Democratic Republic of Congo, Ethiopia, Ghana, Haiti, Nigeria, India and Kenya, said Odyssey in a press release. Around 50 developers have listed projects on the Odyssey platform, with individual project values ranging from $40,000 to $3 million. If its plan for easy-to-invest mini-grids takes off, there could be a lot more money going around in the future.
To speed up the funding of these projects, Odyssey is looking to roll them into portfolio offerings and at the same time provide mini-grid structured financing facilities, said CEO and co-founder Emily McAteer. Odyssey will be announcing “a major financing facility” in Nigeria within the next month, she said. “Our goal is to make it very easy for project developers to get the donor money that’s available, participate in these financing facilities and get money moving in the sector.”