Odyssey Energy Solutions, a renewables-focused investment and asset management platform, has successfully secured a $7.5m financing facility from the British International Investment (BII).
This funding is aimed at supporting the deployment of mini-grids for local communities across Nigeria.
According to a report from Renewables Now, this financing, which is backed by the World Bank, will be directed towards Nigeria’s Distributed Access through Renewable Energy Scale-Up (DARES) programme.
DARES is designed to provide energy access through mini-grids for 17.5m local residents, and this new facility will significantly contribute to achieving that goal.
“About 90 million people in Nigeria do not have access to electricity. Mini-grids powered by clean and affordable energy sources have a vital role to play in rapidly reducing that number,” stated Benson Adenuga, West Africa regional director at BII.
BII, the UK’s development finance institution and impact investor, will collaborate with Odyssey, which will facilitate every stage of the project—from construction to operation.
Odyssey will also provide essential tools for project planning, streamline diligence between developers and investors, and offer remote monitoring capabilities.
“Their support allows us to offer flexible, affordable financing options that meet developers where they are, so that we can collectively accelerate electrification across Nigeria,” noted Piyush Mathur, co-founder and managing director of Odyssey Energy Solutions.
Prior to this agreement, Nigeria and Germany had signed a €20m renewable energy agreement in June to support Nigeria’s clean energy goals. This development follows Nigeria’s completion of its first interconnected mini-grid infrastructure, which was reported to cost over $9.2m.