Nigeria has entered into a $200 million agreement with WeLight, a pan-African Distributed Renewable Energy (DRE) company, to establish hundreds of renewable mini-grids across the country.
The initiative aims to provide reliable electricity to millions of people in rural areas and communities surrounding urban centers.
As Africa’s most populous nation, Nigeria is working to increase the share of renewable energy in its electricity mix from 22% to 50%.
The deal with WeLight represents a significant step toward achieving this goal, leveraging private investment to expand sustainable energy infrastructure.
Supported by the World Bank and the African Development Bank, the project will oversee the development and operation of 400 mini-grids and 50 MetroGrids in predominantly rural regions.
It is expected to improve electricity access for an estimated 1.5 to 2 million Nigerians, fostering economic growth and enhancing local livelihoods.
READ ALSO: Rural Electrification Agency: Undergoing Reforms while Making Strides
WeLight, backed by major global entities such as Axian Group, Sagemcom, and Norfund, formalized the agreement through a Memorandum of Understanding (MoU) with Nigeria’s Rural Electrification Agency (REA).
The REA is responsible for extending power to millions of Nigerians without access to electricity.
“This MoU not only represents a leap toward providing clean electricity to millions in Nigeria but also supports WeLight’s ambition to become a truly pan-African company,” said Romain de Villeneuve, CEO of WeLight.
With this partnership, Nigeria is poised to make substantial progress in its transition to a greener, more sustainable energy future.