- InfraCredit secures 30 million from BII for Nigeria's clean energy transition, adding 57,000 energy connections and 20.1 MW capacity.
- The facility will create 2,558 jobs, reduce emissions by 158.3 tonnes, and lower DRE project risks with InfraCredit guarantees.
- InfraCredit's pipeline hits 497.37 million, bolstered by partnerships with BII and African Development Bank to boost renewable energy.
InfraCredit, an infrastructure credit guarantee institution led by Chinua Azubike, has secured a 30 million risk-sharing facility from British International Investment BII, aiming to accelerate Nigerias clean energy transition.
The funding, split into 20 million in concessional financing and 10 million in additional support, will enable InfraCredit to expand renewable energy infrastructure, strengthening energy access in underserved communities.
The initiative will introduce 20.1 megawatts of renewable energy, creating 57,000 new energy connections across 564 rural communities. This development is expected to generate 2,558 jobs and cut carbon emissions by 158.3 tonnes annually, marking a significant step toward bridging Nigerias energy access gap.
With BIIs support, we aim to expand impact through this facility, said Chinua Azubike, CEO of InfraCredit. This collaboration builds on an initial 10 million funding from the UK Foreign, Commonwealth Development Office in 2021, helping us reduce project risks and local currency debt costs for developers.
Partnerships powering Nigerias green shiftBritish High Commissioner Richard Montgomery highlighted the progress of the UK-backed Climate Finance Blended Facility CFBF, which has mobilized 11.48 million N8.92 billion to support mini-grids and solar-powered telephony projects.
