Nigeria boosts renewable energy drive with $500m investment platform

The Nigeria Sovereign Investment Authority (NSIA) at the weekend launched a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) in a bid to develop renewable energy projects across the country

The launch of RIPLE coincided with the signing of a strategic partnership agreement between the organisation and the International Finance Corporation (IFC).

The Managing Director of the NSIA, Mr. Aminu Umar-Sadiq, disclosed this at the epoch-making event in Abuja.

He noted that the initiative was dedicated to the development, investment, and operation of renewable energy projects across the country.

Umar-Sadiq said NSIA was positioned to expand energy access, enhance energy efficiency and ensure energy security with RIPLE.

He said: “The collaboration between NSIA and the IFC is a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria.

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“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.”

The NSIA chief described the deal with the IFC, a private sector investment arm of the World Bank Group, as a demonstration of the two parties’ commitment towards redefining the development and advancement of Nigeria’s renewable energy landscape.

The pilot phase for this initiative is located within the Tokarawa Industrial Hub in Kano State where a generation and distribution system had been set up to meet 70 megawatts of unsuppressed energy demands of industries, commercial enterprises, and residential customers in an area covering about 9,000 connections.

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