Firm boosts electricity access with $5m mini-grid investment

As part of its efforts to bridge the electricity access gap in Nigeria, a renewable energy firm, All On has invested USD5 Million in the ongoing PowerGen Renewable Energy Nigeria Limited (PowerGen).

PowerGen, a leading renewable energy platform across Africa, with offices in four countries of Kenya, Nigeria, Sierra Leone and DRC, operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable power.

The investment cane through a mezzanine investment to support the development of isolated and interconnected mini-grid projects serving households, commercial and industrial customers across Nigeria.

According to the firm, the investment will enable PowerGen to deepen its footprint in Nigeria and expand the deployment of renewable energy infrastructure for customers with limited or unreliable access to electricity.

The Chief Executive Officer (CEO) of All On, Caroline Eboumbou, said the investment in renewable energy would effectively close the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA) and InfraCo.

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According to her, the company’s growing portfolio positions it to deploy both standalone and grid-connected renewable energy solutions across different customer and market segments.

He said the investment is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries, alongside up to 9 MW of generation capacity and 17 MW + MWh of combined energy impact.

The projects are also expected to contribute to the creation of approximately 470 jobs across the communities and businesses served.

Eboumbou said: “PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge. This investment reflects our confidence in the company’s ability to build on that experience and take its model further across Nigeria.”

Also speaking, Investment Manager at All On, Oluseye Bassir, said, “The company has already demonstrated what is possible with interconnected mini-grids, and we see significant potential to replicate and scale that experience in other parts of Nigeria. Our investment alongside the Series C investors gives PowerGen additional capital to move more projects from development into delivery, which of course is where real impact is created.”