NDIF invests in Nigerian solar mini-grid project
The Nigerian start-up Havenhill Synergy has obtained $4.6 million from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NDIF) to build 22 solar mini-grids in rural Nigeria.
The financing was obtained through a fundraising in which NDIF is the sole participant. The fund is providing $4.6 million in local currency to the solar mini-grid supplier Havenhill Synergy. Part of the funds allocated by the NDIF were injected by the African Development Bank. The future installations will provide electricity to 70,000 people, as well as rural businesses.
The construction of the off-grid solar systems is part of the Nigeria Electrification Project implemented by the Rural Electrification Agency which receives funding from the World Bank and the AfDB.
In Budo, in Oyo State in south-west Nigeria, Havenhill has commissioned a 100kWp solar photovoltaic power plant that supplies electricity to 400 households and 50 businesses through a 4.92km distribution network. The company has other installations in several communities in the Federal Capital Territory of Nigeria.
