Nigeria Activates $300 Million Fund to Expand Off-Grid Renewable Power
Nigeria's $300 million Distributed Renewable Energy Fund has been commercially launched, aiming to scale off-grid clean energy and widen electricity access across Africa.
Nigeria has commercially launched a $300 million fund dedicated to distributed renewable energy, marking its shift from a structuring phase to active capital deployment. The country's sovereign wealth fund, the Nigeria Sovereign Investment Authority, announced the move on Monday.
The vehicle, known as the Distributed Renewable Energy Fund, pools public and private capital to finance clean-energy projects. Its focus is on off-grid and distributed renewable energy investments, a segment seen as critical to reaching communities that remain outside conventional power networks.
Beyond Nigeria, the initiative is designed to support efforts to connect roughly 300 million people across Africa to electricity by 2030. The World Bank Group is a founding partner and has committed an initial $25 million through its International Development Association arm, according to the sovereign wealth fund.
The launch signals a transition from planning to investment, with the fund now positioned to channel resources into projects that expand access to power.