Two national Energy power house, CrossBoundary Energy Access Nigeria (CBEA) and ENGIE Energy Access Nigeria (ENGIE) have endorsed a project finance agreement to establish a $60 million portfolio of mini-grids that will connect over 150,000 people to electricity in Nigeria.
According to the stipulates of the agreement;
“CBEA will provide the private capital for the transaction, and will invest the private capital alongside the Performance Based Grant (PBG) funded by the World Bank and administered by Rural Electrification Agency (REA) and the Nigeria Electrification Project (NEP).
“Under the agreement, CBEA will finance all of the development and construction activities, and will own the projects; while ENGIE developes a pipeline of mini-grids to build over the next four years.
“ENGIE will also provide long-term operations and maintain services for the mini-grids, ensuring that in the course of residential, commercial, and productive use, customers receive clean, reliable electricity while delivering high-quality and customer-centric services.
“We’re excited to work in partnership with CrossBoundary Energy Access to finance this portfolio of mini-grids in Nigeria. This deal reflects our long-term commitment as a leading provider of energy access solutions in Africa. Most importantly, this agreement will connect marginalized rural populations in Nigeria with clean and affordable technologies and facilitate more economic opportunities in these hard-to-serve areas,” Gillian-Alexandre Huart, CEO, ENGIE Energy Access stated.
Country Director, ENGIE Energy Access Nigeria, Bamkole Cardoso, stated that the partnership is a huge step forward for ENGIE in its mission to not only impact lives through affordable, reliable, and sustainable energy solutions but also to improve economic productivity in communities across Nigeria.
