CrossBoundary Energy Access Nigeria (CBEA) and ENGIE Energy Access Nigeria (ENGIE) have announced a project finance agreement to build a $60 million portfolio of mini-grids that will connect over 150,000 people to electricity in Nigeria.
The two firms said they are excited that this innovative financing approach will provide electricity to more than 150,000 people in Nigeria and can be replicated across Africa. Stakeholders from the two firms explained how they feel about the partnership.
According to the associate director at CrossBoundary Energy Access, Annette Mumbi, “CBEA has improved our project financing approach for mini-grids to deploy capital faster and more efficiently by investing from procurement. These improvements enable developers to build mini-grids and deliver electricity to more people at a faster pace. Our agreement with ENGIE is one more milestone towards closing the gap on more than 600 million people in Africa who lack access to electricity.”
Also, the CEO, ENGIE Energy Access, said, “We’re excited to work in partnership with CrossBoundary Energy Access to finance this portfolio of mini-grids in Nigeria. This deal reflects our long-term commitment as a leading provider of energy access solutions in Africa.”
Tessa Dignam, Senior Legal Counsel at CrossBoundary, says, “CrossBoundary Energy Access is excited to collaborate with an experienced developer like ENGIE. This partnership demonstrates an innovative and flexible approach taken to advance renewable energy solutions in Africa.”
Country director, ENGIE Energy Access Nigeria, Bankole Cardoso said, “This partnership is a huge step forward for us in our mission to not only impact lives through affordable, reliable, and sustainable energy solutions but to also improve economic productivity in communities across Nigeria.”
The managing director at CrossBoundary Energy Access, Humphrey Wireko, said, “This investment would not be possible without the enabling environment created by Nigeria’s mini-grid regulations, the World Bank, REA, and the NEP program.”
Head, Mini-grids, ENGIE Energy Access Nigeria, Onyinye Anene-Nzelu, said, “This partnership shows what is possible within the off-grid decentralized renewable energy industry, in Nigeria, and across Africa.”
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