The Nigeria Sovereign Investment Authority (NSIA) launched a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) for the development, investment, and operation of renewable energy projects across the entire value chain in Nigeria.
NSIA says it is using the initiative as a position to expand energy access, enhance energy efficiency and ensure energy security.
The launch of RIPLE is accompanied by the execution of a strategic partnership agreement that seeks to further redefine Nigeria’s energy landscape with the multilateral finance group – International Finance Corporation (IFC). Both organisations described the agreement as a commitment to advance renewable energy developments in Nigeria.
The pilot for this initiative is located within the Tokarawa Industrial Hub in Kano State and it involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.
“We are excited to partner with the International Finance Corporation to advance the transition to energy efficient solutions in Nigeria, an institution that shares our commitment to sustainable development, our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimise productivity and reduce carbon footprint” said the programme manager, RIPLE, Mr. Yusuf Umar.
Regional manager, Africa at IFC, Dan Croft said, “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria. IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement the first phase of this innovative energy solution which will reduce greenhouse gas emissions and reliance on fossil fuel. The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”
He said the funds for the execution of the project were already on the way.
Speaking on the partnership, managing director & CEO of NSIA, Mr. Aminu Umar-Sadiq, said the collaboration between NSIA and the IFC is a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria.
“As the custodian of economic resources for current and future generations of Nigerians, tackling climate risks is integral to NSIA’s objectives. We recognize the many opportunities it offers for innovation, growth, and economic transformation.
“RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously launched Carbon Vista with Vitol and the Construction Finance Warehouse Facility,” he said at the signing ceremony in Abuja at the weekend.