- Renewable Energy: Nigeria, Others Receive $20m
Metier Sustainable Capital International Fund II through the African Development Bank (AfDB) has awarded $20 million investment fund to Nigeria and other Sub-Saharan African countries to improve renewable energy and resource-efficient infrastructure projects in Nigeria and other African nations.
The bank, in a statement, said the fund would meet strict environmental standards to ensure risks were effectively mitigated.
AfDB explained that the funding would be used to produce additional 178.5 megawatts of renewable power for residential and commercial usage.
Commenting on the bank’s aggressive funding across the continent, Wale Shonibare, the Acting Vice President for Power, Energy, Climate Change & Green Growth, AfDB, said the investment was part of the lender’s efforts to reduce financing constraints to key projects across the continent.
Speaking on why Metier was chosen to finance the project, Shonibare stated “Metier has extensive experience in developing and financing renewable energy projects with strong technical partners and co-developers in Southern Africa. We are pleased to join other investors in supporting their expansion into new African markets to help unlock the vast renewable potential of the continent.”