ABUJA, Dec 15 (Reuters) – The World Financial institution’s fund for poor
international locations plans to offer a credit score of $750 million for clear
power initiatives in Nigeria to extend to electrical energy in
Africa’s most populous nation, the Worldwide Growth
Affiliation mentioned on Friday.
The financial institution mentioned that greater than 85 million folks lacked entry
to electrical energy in Nigeria as of 2021, with households and
companies reliant on costly diesel and petrol mills.
It mentioned the Distributed Entry by way of Renewable Vitality
Scale-up (DARES) undertaking will probably be financed by the Worldwide
Growth Affiliation credit score and supply entry to new or
improved electrical energy provides to greater than 17.5 million
Nigerians.
“To additional deal with the entry hole, DARES will construct on the
achievements of the World Financial institution-financed Nigeria Electrification
Undertaking, which has supported the institution of 125 mini grids
and the sale of over one million Photo voltaic Residence Methods, by way of which
greater than 5.5 million Nigerians have gained entry to
electrical energy,” the World Financial institution mentioned.
It added that the undertaking will leverage parallel financing
of $100 million from the International Vitality Alliance for Folks and
Planet and $200 million from Japan’s Worldwide Cooperation
Company along with over $1 billion of personal capital.
(Reporting by Camillus Eboh
Writing by Chijioke Ohuocha; Modifying by Kirsten Donovan)