The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of a $500 million renewables investment platform for limitless energy (RIPLE).
In a statement on Sunday, NSIA said it also signed a memorandum of understanding (MoU) with the International Finance Corporation (IFC) as a strategic partner for a pilot investment for the distribution of clean energy to meet the needs of customers.
NSIA said the transformative initiative is built on three pillars, which include diesel displacement, franchising and backward integration towards photovoltaic system (PV) manufacturing.
“NSIA’s RIPLE is a transformative initiative dedicated to the development, investment, and operation of renewable energy projects across the entire value chain in the country,” NSIA said.
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“The pilot for the 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.”
While commenting on the initiative, Yusuf Umar, programme manager for RIPLE, said the collaboration between NSIA and the IFC is a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria.
“We are excited to partner with the IFC 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 optimize productivity and reduce carbon footprint,” he said.
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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.”
On his part, Dan Croft, IFC’s regional manager for Africa, said reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria.
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“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,” Croft said.
Croft said energy solutions will also deliver a reliable power supply for commercial, residential and industrial use.
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