The Federal Government said it has concluded plans to establish 28 solar mini-grids with a total capacity of 2.1 MW by mid-2022.
The power asset will provide electricity for approximately 55,000 people residing in the rural regions of the country.
The mini-grids, seven of which are already operational are being constructed by PowerGen Renewable Energy, the leading developer in Africa of on-grid and off-grid distributed energy.
Each set-up has an average capacity of about 70 kW and approximately 4.5 MWh of total battery storage at a typical mini-network volume of around 160 kWh.
Covering about 11,000 connections, the seven sites that are already operational have a total generation capacity of 460 kWp and a storage volume of 1,157 kWh.
When fully operational, the entire project will serve a base of residential, commercial, and productive use customers.
The project is being implemented with a loan of $9 billion by Oikocredit, a social impact investor and worldwide cooperative promoting sustainable development through investments in financial inclusion, agriculture, and renewable energy; Triodos Investment Management, an impact investor that focuses on investments in renewable energy, microfinance, and real estate; and Electrification Financing Initiative, ElectriFI, an impact investor that is funded by the European Union and managed by European Development Finance Institutions.
These funds will be refunded when all the 28 solar mini-grids are completed and sold to CrossBoundary Energy Access, CBEA, project finance facility for African mini-grids, which was established by Shell Foundation, the independent UK registered charity organization that catalyzes enterprise-based solutions to global development challenges, and Rockefeller Foundation, an American private foundation founded by the Rockefeller family with an aim to promote the well-being of humanity throughout the world.
The project is also supported by grant funding from the Nigeria Rural Electrification Agency, REA, and The World Bank.