NIGERIA LAUNCHES $300 MILLION DOLLAR CLEAN POWER FUND

The Nigerian Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) unveil new investment mechanism to spur renewable energy investments in Nigeria.

The $300 million Nigeria Distributed Renewable Energy (DRE) Fund has attained great heights as it has been launched commercially taking the project from fund structuring to active capital deployment. This move will create dedicated investment platform to scale distributed renewable energy across the country.

##The Nigeria DRE Fund, aligned to Nigeria's national development priorities, has been designed to contribute to the country's ambitions to expand reliable affordable and sustainable energy access. It is also to support mission 300, a strategic move to connect 300 million people across Africa to electricity by 2030. The Nigeria DRE Fund is coming at a crititical time and the distribution of renewable energy including mini grids and standalone solar systems will boost and sustain a productive economy, which is crucial the growth of the country.

## Speaking at the event, Aminu Umar-Sadiq, MD&CEO NSIA stated that
the DRE Fund represents a milestone move towards mobilizing the scale of capital required to expand off-grid and distributed renewable energy solutions and to reach communities and businesses that are currently underserved by the traditional energy infrastructure. In a country where small scale businesses are the major providers of services, this would be a welcome development to increase and boost economic activity.

## Alain Ebobisse, GCEO at Africa50 also stated that "what sets the Nigeria DRE Fund apart is the strength of the partnership. The NSIA's local market expertise, Africa50's pan-African investment and Fund management capabilities, SEforALL energy-Access leadership, and the World Bank's global energy, thought, leadership and catalytic capital. Together, we are turning Nigeria's energy needs into investable opportunities and building a model that can scale across Africa"
## As Nigeria take the step to advance in its energy transition and works towards progressing in universal electricity access, the commercial launch of the Nigeria DRE Fund provides the foundation for scaling renewable energy solutions across Nigeria. It shows the importance of collaborated innovation strategies in economic growth.