Nigeria to Build 50MW Solar Plant with $3.6M Investment

Nigeria will develop a 50MW solar power plant and associated grid infrastructure to supply clean electricity to two production facilities of a local brewery. 

The $3.6 million project is funded by Climate Fund Managers (CFM) contributing 50%, with British energy developer Konexa and Norwegian development finance institution Norfund each providing 25% of the total investment.

Konexa anticipates the initial phase will mobilize approximately $80 million in follow-up construction financing during the second half of 2024. The project will  advance the development of Konexa's renewable energy trading platform in Nigeria's commercial and industrial (C&I) sector.

Darren Johnson, CFM's Africa Regional Head, noted: "EU's seed capital has catalyzed private investment, while Norfund's participation ensures continued momentum through subsequent phases. This demonstrates blended finance's catalytic role in energy infrastructure development in emerging markets."

This follows Nigeria's agreement with Oando Clean Energy for a separate 1.2GW solar power plant development.