Managing Director/ Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA) Mr. Aminu Umar-Sadiq has challenged the private sector to be innovative and develop scalable and affordable Distributed Renewable Energy (DRE) solutions.
This was as he harped on continued investment from development partners by providing both capital and technical assistance towards realizing DRE.
Sadiq stated this on Monday in Abuja during a strategic meeting between NSIA and All On, a Nigerian impact investor focused on renewable energy. The two are joining forces to bring light and opportunity to energy-deprived communities across the country.
Energy (DRE) is a transformative approach that utilizes small-scale solutions like solar mini-grids and home systems to reach areas abandoned by traditional grid infrastructure.
Recognizing the immense potential of DRE, NSIA’s MD called for continued investment from development partners, providing both capital and technical assistance. He also challenged “the private sector to innovate and develop scalable, affordable DRE solutions”.
“We are committed to leading the charge in this collective effort,” he declares. “We are working closely with partners to address the barriers to DRE adoption and to scale up its deployment across Africa. We believe that DRE is not just a solution to energy poverty, but a catalyst for a more sustainable, equitable, and prosperous future.”
DRE is central to NSIA’s Renewable Investment Platform for Limitless Energy (RIPLE) which wants to achieve expanded energy access to the unserved and underserved segments of the population. RIPLE is expected to target displacement of diesel-powered generation for commercial and industrial consumers.
NSIA is actively demonstrating this commitment through initiatives like the Construction Finance Warehouse Facility (CFWF), established in collaboration with InfraCredit. This NGN10 billion facility unlocks long-term capital for sustainable greenfield infrastructure projects, attracting further investment through domestic capital markets.
He called for more enabling policies, financial incentives, and streamlined regulatory processes are essential for DRE to reach its full potential.
Earlier in her remark, MD of All On, Caroline Eboumbou noted that DRE offers agility and efficiency, capable of illuminating remote villages and towns overlooked for far too long.
She said that, “Mini-grids alone hold the potential to empower millions of low-income households and small businesses, while generating a staggering $10 billion in annual revenue” – a tantalizing prospect for a nation grappling with energy challenges”.
“However, unlocking this bright future requires more than just technology. This is where All On’s Demand Aggregation for Renewable Technologies (DART) programme steps in”, she said.
Launched in 2022, she said DART acts as a powerful catalyst, bringing together multiple DRE developers and negotiating advantageous prices for renewable energy components and secure financing from commercial lenders.
“In less than two years, DART has funded 12 companies, paving the way for over 40 mini-grids and 47,000 connections. Over 230,000 lives and businesses are set to be positively impacted, a testament to DRE’s transformative power” Eboumbou said.
“One shining example is the Chito Community project in Benue State. This 350KW mini-grid, the largest isolated project in the state, will positively impact the lives of over 7,000 households and businesses, opening doors to new possibilities and economic growth. The impact of DRE extends far beyond mere illumination. Clean, reliable energy fosters economic development, empowers entrepreneurship, and strengthens healthcare services. It empowers communities, particularly women, to participate meaningfully in the economy and shape their own destinies”, she added.
