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Nigerian Sovereign Investment Authority Unveils $500 Million Renewables Investment Platform for Limitless Energy


In a landmark move to advance Nigeria’s renewable energy sector and enhance electricity access, the Nigerian Sovereign Investment Authority (NSIA) has introduced the $500 million Renewables Investment Platform for Limitless Energy (RIPLE). This transformative initiative is designed to develop, invest in, and operate renewable energy projects across the entire value chain in the country, focusing on three key pillars: diesel displacement, franchising, and backward integration towards Photovoltaic system (PV) manufacturing.

The NSIA solidified its commitment to this ambitious venture by signing a Memorandum of Understanding (MoU) with the International Finance Corporation (IFC) as a strategic partner for the pilot investment in core focus areas of the platform. The pilot project, strategically located within the Tokarawa Industrial Hub in Kano State, is poised to establish a generation and distribution system capable of meeting the 70-megawatt unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering approximately 9,000 connections.

Aminu Umar-Sadiq, the Managing Director of NSIA, expressed his enthusiasm at the launch event in Abuja, stating, “RIPLE has the high hopes of making a huge impact around renewable energy investing, and with it, NSIA is positioned to expand energy access, enhance energy efficiency, and ensure energy security.” This initiative marks a significant milestone for NSIA in the climate sustainability asset class, following previous ventures such as Carbon Vista with Vitol and the Construction Finance Warehouse Facility.

To kickstart this ambitious venture, NSIA has allocated an initial $25 million in funding, with plans to catalyze additional investments to reach the $500 million required for the platform’s full implementation. Umar-Sadiq underlined NSIA’s commitment to sustainability and climate as an asset class, stating, “We are probably one of the largest investors, and because our capital is modest relative to infrastructure deficits, what we spend a lot of time doing is conceptualizing and developing. We put in a modest amount of capital to get strategic partners that will match our funding.”

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Dan Croft, Regional Manager Africa at IFC, highlighted the corporation’s interest in driving energy access, efficiency, and security on a climate-friendly basis. “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria. IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement this innovative energy solution,” Croft stated.

Yusuf Umar, NSIA’s program manager for RIPLE, provided insights into the platform’s objectives, emphasizing its role in expediting the development of renewable energy projects to address the challenges faced by Nigeria’s energy sector. He outlined the three main cornerstones of NSIA’s energy strategy: expanding access, enhancing efficiency, and ensuring energy security.

“An important pillar of RIPPLE is local upstream technology manufacturing. The platform’s focus will extend beyond just solar PV technology to include green hydrogen, waste to energy, mini-hydro, and wind as we are seeing very interesting prospects for wind projects in Nigeria,” Umar added, highlighting the platform’s commitment to strengthening domestic supply chains.

The collaboration between NSIA and IFC is expected to pave the way for sustainable and impactful renewable energy projects that align with Nigeria’s energy goals. As part of NSIA’s broader initiatives in the climate sustainability asset class, RIPLE stands as a testament to the institution’s dedication to addressing value dislocations in Nigeria’s infrastructure space. The platform’s multifaceted approach, encompassing diesel displacement, franchising, and local manufacturing, positions it as a comprehensive solution to the challenges impeding the growth of renewable energy in the nation.

With the initial funding in place and the strategic partnership with IFC, NSIA is poised to catalyze further investments, realizing the full potential of RIPLE in driving Nigeria towards a more sustainable and energy-secure future. As the country continue to struggle with energy challenges, this initiative marks a crucial step towards harnessing the vast potential of renewable resources and ensuring a reliable and resilient energy supply for all.

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