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Firms okay N4.5bn solar facility to boost renewable energy sector

Nigerian impact investment company, All On, Odyssey Energy Solutions, and the recently launched Global Alliance for People and Planet (The Alliance) have announced the launch of a global aggregated procurement program for renewable energy companies, supported by a $10 million approximately N4.5 billion Financing Facility, in Nigeria.

The new Demand Aggregation for Renewable Technology (DART) program will ensure that affordable, high quality solar products reach the communities most in need in Nigeria, before piloting the program in four additional countries in Africa. The DART program aims to accelerate the growth of the renewable energy sector in Nigeria and beyond by combining demand pooling and aggregated purchasing of solar equipment, access to affordable finance, and coordinated logistics processes to unlock economies of scale for solar companies and achieve cost savings for end users.

The All On-managed finance facility will provide debt funding for solar companies already approved by the Rural Electrification Agency (REA) for the Nigeria Electrification Program (NEP) to purchase lower-cost solar equipment through the DART.

 

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