InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, has announced its credit enhancement for CEESOLAR Energy Limited’s local currency debt issue under a co-financing arrangement with the Climate Finance Blending Facility (CFBF).
According to InfraCredit, the transaction, which marks the fifth under the Facility, will finance the construction and commissioning of four isolated solar hybrid mini-grids with a combined capacity of 760 kWp in underserved communities across Cross River State adding that once completed, the project is expected to provide electricity to about 3,600 households and small businesses, create 561 jobs, and reduce over 737 tonnes of CO₂ emissions annually.
The firm disclosed that, “The CFBF was seeded with £10 million concessional capital from the UK Foreign, Commonwealth & Development Office (FCDO) and later strengthened by a US$10 million investment by British International Investment (BII) alongside a US$20 million counter-guarantee facility. So far, the Facility has deployed approximately N4.5 billion across four renewable energy developers — Darway, Hotspot, ACOB, and Prado — collectively reaching over 25,000 beneficiaries, creating 2,300 jobs, and installing about 1.7 MW of off-grid solar capacity. It has also enabled a project pipeline valued at N243.31 billion across 23 developers, underscoring its role in mobilising private capital for climate-aligned infrastructure nationwide.”
The UK deputy high commissioner in Lagos, Jonny Baxter, stated that the UK was pleased to see the CFBF, managed by InfraCredit, catalysing local currency debt for renewable energy infrastructure. “The CFBF model for financing distributed renewable energy remains central to achieving Nigeria’s energy transition and net-zero ambitions,” he said.
The chief executive officer of InfraCredit, Chinua Azubike, noted that the partnership highlights the power of blended finance. “This transaction demonstrates the power of partnership — combining catalytic first-loss capital from FCDO, bridge financing from NSIA through the Construction Finance Warehouse Facility, and InfraCredit’s guarantees to unlock private investment in climate-resilient infrastructure,” he said.
The chief executive officer of CEESOLAR Energy Limited, Chibueze Ekeh, said the project reinforces the company’s mission to bridge Nigeria’s energy gap through innovation. “Every community we electrify is a step towards powering productivity, supporting women and small businesses, improving healthcare delivery, giving children a better chance at education, and building a future where energy access transforms lives,” he said.
On his part, the chief executive officer of the Africa Minigrid Developers Association (AMDA), Olamide Niyi-Afuye, described the transaction as a testament to the growing confidence in the capacity of local developers and the importance of domestic capital in driving sustainable energy access.
