The Programme will catalyse delivery of approximately 400 MW of renewable power through the successful financing, construction and operation of the first 3 to 5 selected utility-scale solar power projects in Nigeria.

The concessional financing and debt replacement facility provided through the project reduces the perceived risks of investing and catalyses private sector investment amidst the current financing challenges within the power sector, namely scarce and expensive financing from commercial financial institutions. GCF, with Africa Finance Corporation (AFC) as the Accredited Entity and the African Development Bank (AfDB) as a co-lender, joined forces to catalyse this investment by supporting eligible Independent Power Producers to achieve financial close, while creating an enabling environment for local financial institutions planning to finance renewable energy projects in the future.

This programme has an estimated lifespan of 21 years.