US$ 4.6M raised for construction of 22 smart solar mini-grids in Nigeria
Nigerian cleantech startup, Havenhill Synergy Limited, has raised US$ 4.6M from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NDIF), the first listed infrastructure debt fund in Nigeria and the African continent at large to aid in the construction of 22 smart solar mini-grids in Nigeria.
Havenhill was founded back in 2010 and it focuses on improving access to electricity in rural areas using mini-grids. It also offers renewable energy services for businesses in Nigeria’s industrial and commercial hubs.
“NIDF is proud to be the leader in clean energy financing in Nigeria, thereby contributing to the achievement of sustainable development goals. In many projects such as Havenhill, our shareholders can see the action of their capital not only generate profits but also have a strong positive impact on the daily lives of their fellow citizens, ” said Anshul Rai, Executive Director of NIDF.
These funds complement those released by the government, with the support of the African Development Bank (AfDB) or Banque Africaine de Développement, which is a multilateral development finance institution, for the electrification of the most populous country in Africa.
These mini-grids, when installed will connect 70,000 people along with other establishments in the host communities to a clean, reliable energy supply.
According to recent data obtained from the National Bureau of Statistics, access to reliable electricity in Nigeria is relatively low with a rural electrification rate still hovering around 39 percent. The inability of the owners and operators of the main electricity grid to connect rural communities and provide them with a reliable power supply has amplified the need for decentralized energy systems and other clean alternatives.
The construction of the off-grid solar systems is part of the Nigeria Electrification Project (NEP) implemented by the Rural Electrification Agency (REA).
Source: Construction Review Online