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projectFP104

Nigeria solar IPP support program

9529739
TONNES of CO2 Anticipated tonnes of CO2 equivalent avoided

Impact

Mitigation
GCF results area
  • Energy generation and access
UN Sustainable Development Goals
  • #7 Affordable and clean energy
  • #9 Industry, innovation and infrastructure
  • #13 Climate action

Location & People

Region
  • Africa
Country
  • Nigeria NGA

Investment Data

  • Financing:
    • Public
    • Public / Private
    • Private
  • Project size:
    • Micro
    • Small
    • Medium
    • Large
  • E&S Risk category:
    • Category A
    • Category B
    • Category C
Total project investment
GCF Financing
  • Instrument Loan USD
Co-Financing
  • Africa Finance Corporation Loan USD
  • African Development Bank   USD
  • Local bank (TBD) Loan USD
  • N/A Equity USD

Project owners

Accredited Entity Executing Entity
  • Africa Finance Corporation
Nigeria solar IPP support program Approved February 2019 Est. implementation period 3.0 years
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.
Type
Document title
Published date
Gender assessment FP104_AFC_Nigeria 03 May 2019
Gender action plan FP104_AFC_Nigeria 03 May 2019
ESS report FP104 - AFC - Nigeria 01 Feb 2019
Approved funding proposal FP104 - AFC - Nigeria 21 Mar 2019
Accredited Entity
  • Africa Finance Corporation (AFC) Ms. Kome Ajegbo Tel: +234 1 4480930 Ms. Chinekwu Duru Tel: +234 1 2799650
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