ENGIE/Crossboundary’s $60m Mini-grid Finance Deal Wins Award

ENGIE Energy Access Nigeria’s $60 million project finance agreement with CrossBoundary Energy Access (CBEA) has won the Transaction of the Year (Renewable Energy/Off-Grid) award at the 2022 Nigeria Power Sector Awards.

The deal is expected to build a portfolio of mini-grids connecting over 150,000 people to electricity in Nigeria.

In October, CrossBoundary Energy Access and ENGIE Energy Access Nigeria, signed the largest mini-grid project finance transaction in Africa to build a pipeline of mini-grids in Nigeria over the next four years.

In a statement by ENGIE Energy Access Nigeria, over 150,000 people in communities that have never been connected to the national grid will now be supplied with electricity.

A former Nigeria’s minister of Power, Prof. Bart Nnaji, performed the formal presentation of the award to the company, which was received by Head of Mini-grids, ENGIE Energy Access Nigeria, Onyinye Anene-Nzelu.

Commenting on the award, managing director, ENGIE Energy Access Nigeria, Bankole Cardoso said the award was significant because it acknowledged the efforts by the company to deploy innovative solutions to solve the problems of low access to electric power in unserved and underserved communities in Nigeria and Africa as a whole, especially in the off-grid communities.

‘‘We are very happy to receive this prestigious award and we thank the organisers for this recognition. Inadequate funding is a significant barrier to bridging the energy access gap and our partner CrossBoundary Energy Access (CBEA) has consistently demonstrated an ability to raise funds in this very important sector. We are glad to be executing this project with them and to have closed this deal, ’’ he said.

Chief executive officer of ENGIE Energy Access, Gillian-Alexandre Huart noted that on the back of the award and the important work of bridging Africa’s energy gap, the company would continue to invest in research and development with a view to coming up with more innovative, cost-effective solutions to the energy challenges across Africa.

‘‘Creating access to reliable electricity for people, families and businesses is key to bolster economic growth and improved livelihoods. This award is a further motivation for us to continue to lead from different fronts and with relentless efforts to chart the way forward for the energy sector in Nigeria, and Sub-Saharan Africa,’’ he stated.