EU to Launch €30m Power Finance Scheme in Nigeria

• EU to Launch €30m Power Finance Scheme in Nigeria

The European Union (EU) and All On – an impact finance outfit, would launch a €30 million worth of electrification financing initiative for off-grid and commercial and industrial captive power projects in Nigeria, organisers of the upcoming fourth Nigeria Energy Forum (NEF 2019) have disclosed.

According to a statement by the NEF organisers, the funding window would help upscale investments for sustainable energy development in Nigeria. They noted that the event would hold his week in Lagos, with the former National Chairman of the Nigerian Institute of Electrical and Electronics Engineers (NIEEE), Mr. Adekunle Makinde, delivering the keynote address.

Also to speak at the event are the Chairman of the Nigerian Electricity Regulatory Commission, Prof. James Momoh; Chief Executive Officer (CEO) of All On, Dr. Weibe Boer and a representative of the EU, Mr. John Funso-Adebayo.

The Chairman of the Forum, Dr. Oluwole Adeuyi said in the statement that: “This year’s forum will focus on how to facilitate local and foreign investments in sustainable electrification, grid modernisation and digital energy technologies for economic growth in Nigeria.”

According to him: “The forum is supported by All On, a leading impact investor in Nigeria’s off-grid energy market and co-organised with GET. Invest, European multi-donor programme and will feature over four top-class hands-on capacity building workshops by key local and international energy experts.”

He explained the hands-on workshops would be centered on making bankable energy projects to be delivered by the Sterling Bank; Electrification Finance Initiative (ElectriFI) Nigeria Window Launch, which is an European multi-donor programme managed by EDFI Management Company; digital energy management for commercial and industrial facilities to be facilitated by Schneider Electric and empowering young African women in energy.

The statement also quoted Boer, to have said: “The funding from All On will support the event with a view to increasing capacity, the quality of speakers, stakeholders, participants and discourse. “All of these are geared towards fulfilling All On’s charitable mandate of building an enabling environment for the off-grid energy sector in Nigeria.”

The statement added that the 2019 energy ideas competition organised by the forum for energy start-ups has attracted 86 entries from 17 different countries in Africa and the winners will be announced at the conference.

It added that All On’s support will allow the top 20 early-stage energy entrepreneurs from Nigeria shortlisted through a competitive process to fully attend the technical, capacity building and investment sessions at the conference, adding that over 250 participants and 40 key speakers and exhibitors were expected to attend seven different technical, investment and training sessions, acquire new skills through practical exposure to modern energy technologies, and engage with the expert speakers, exhibitors and workshop providers.