FP104

Nigeria Solar IPP Support Program

Nigeria Solar IPP Support Program

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.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

07 Jun 2018 - 267 days

Funding proposal received

07 Jun 2018

Cleared by GCF Secretariat

11 Dec 2018

Cleared by iTAP

01 Feb 2019

Approved

28 Feb 2019 - 717 days

Approved by GCF Board

28 Feb 2019

Lapsed

13 Feb 2021

One region

  • Africa

One country

One priority group

  • African States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
LoanUSD 100,000,000
Total GCF Financing
USD 100,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 100,000,000
Co-FinancingLoanUSD 100,000,000
Co-FinancingEquityUSD 140,000,000
Co-FinancingLoanUSD 27,000,000
Total Co-Financing
USD 367,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

Africa Finance Corporation
Ms. Kome Johnson-Azuara
Primary

Associate Vice President, Investments
3a Osborne Road, Ikoyi, Lagos, Nigeria
Phone +234 1 279 9669
kome.johnson-azuara@africafc.org
Ms. Chinekwu Duru
Secondary

Senior Vice President
3a Osborne Road, Ikoyi, Lagos, Nigeria
Phone +234 1 279 9650
chinekwu.duru@africafc.org
Mr. Elie Aloko
Tertiary

Vice President
More contacts

National Designated Authority

Nigeria
Federal Ministry of Environment
Dr. Iniobong Abiola-Awe Primary
Director of the Department of Climate Change
Phone +2348034452959
iniabiolawe@yahoo.co.uk

Documents