MARKET NEWS
AfDB Approves $11.3m For Mini-Grids In Nigeria, 13 African Countries
The African Development Bank (AfDB) has greenlit a $11.3 million renewable energy fund to boost electricity access in Nigeria and 13 other African countries, targeting underserved and fragile communities.
Nigerian political news
This Peace Renewable Energy Certificate (P-REC) initiative will power an estimated 856,000 people in highrisk regions through minigrid projects.
It combines a $5.65 million AfDB grant with matching funds from the Nordic Development Fund. Camco Clean Energy and Energy Peace Partners will jointly manage the facility, which uses renewable energy certificates from smallscale projects.
These certificates, sold voluntarily to multinational corporations, provide upfront capital to developers via long-term purchase agreements.
The 14 beneficiary countries include Nigeria, Burundi, Central African Republic, Chad, Democratic Republic of Congo, Ethiopia, Liberia, Mali, Niger, Sierra Leone, Somalia, South Sudan, Sudan, and Uganda.
