The executive director and chief financial officer of Heirs Energies, Samuel Nwanze, says the adoption of innovative financing mechanisms, including green bonds and blended finance, are critical to accelerating the development of solar and other renewable energy projects in Nigeria.
He emphasised the role of tailored financial solutions in addressing project-specific risks and attracting investments.
He made this known during a firechat session, theme: Investing in Tomorrow: Navigating the $360 Billion Energy Transition at the Nigeria Energy Leadership Summit in Lagos on Wednesday.
Nwanze underscored the critical role of financial institutions in closing the funding gap for Nigeria’s Energy Transition Plan (ETP).
“There is no one-size-fits-all financing solution for renewable energy projects,” Nwanze stated.
“At Heirs Energies, we engage with investors to assess project risks and structure financing in ways that mitigate these risks while attracting capital. Nigeria was the first African country to issue a green bond, and this highlights our potential to leverage innovative financing mechanisms for sustainable development.”
Nwanze stressed the need for an integrated approach within the renewable energy value chain, calling for better collaboration between key agencies such as the Nigerian Content Development and Monitoring Board (NCDMB), the Rural Electrification Agency (REA), and the Nigerian Renewable Energy and Energy Efficiency Association (NREEA).
“Quality needs to be ensured cohesively across the sector. We must align all players within the value chain to achieve targeted results.
“An effective implementation and monitoring framework is critical because, without it, most government policies will not deliver the desired impact,” he remarked.
He also highlighted the importance of local content in renewable energy development.
“The NCDMB has made tremendous achievements in oil and gas, and these can be replicated in the renewable sector.
“Through capacity building, local manufacturing, and research & development, the board’s expertise and the Nigeria Local Content Act can be instrumental in developing a sustainable renewable energy sector,” he said.
