A new renewable energy financing initiative is set to inject $188 million into the deployment of 191 megawatts of distributed solar capacity for households, businesses, and communities across Nigeria.
The initiative is being driven by the Rural Electrification Agency in partnership with Barton Heyman Limited, UK PACT, First City Monument Bank, and ARM Harith Infrastructure Investment Limited.
As part of the initiative, stakeholders have launched the Green Finance Investment Facility, a financing platform designed to mobilize large-scale private and institutional investments into distributed renewable energy infrastructure across Nigeria.
The facility also supports the Distributed Access through Renewable Energy Scale-Up programme, a national initiative focused on expanding electricity access through decentralised renewable energy solutions.
Speaking at the launch in Lagos, Managing Partner at Barton Heyman Limited, Olumide Lala, described the facility as a market-driven financing model capable of unlocking private capital for Nigeria’s clean energy transition.
According to him, the initiative is expected to directly support more than one million Nigerians while demonstrating that the country’s distributed renewable energy sector can attract large-scale private investment through blended finance structures involving sovereign pipelines, results-based funding, and commercial loans.
Lala added that the launch represents the first phase of a broader ambition to raise $40 billion to finance 20 gigawatts of distributed renewable energy infrastructure in Nigeria.
Senior Partner at Barton Heyman, Anthony Feyitimi, said the initiative goes beyond clean energy and is designed to support economic growth by improving access to reliable electricity for businesses and communities.
Managing Director of the Rural Electrification Agency, Abba Aliyu, noted that the facility addresses one of the sector’s biggest challenges, which is access to finance for renewable energy deployment.
According to him, the initiative was developed through strategic partnerships aimed at improving electricity access for underserved communities across the country.
Senior Vice President and Divisional Head of Business Banking Group at FCMB, George Ogbonnaya, disclosed that the bank has committed N100 billion in debt financing for the DARES programme.
He stated that FCMB is currently financing more than eight developers under the DARES isolated mini-grid performance-based grant programme while finalising funding arrangements for seven additional developers.
Ogbonnaya added that the bank has financed more than 42 mini-grid projects and is supporting efforts to connect over two million households to electricity in line with Nigeria’s electrification targets.
Chief Investment Officer at ARMHIIL, Derek Chime, called for stronger collaboration across the renewable energy ecosystem to attract more investment into infrastructure development.
Deputy Head of Mission at the British High Commission in Lagos, Simon Field, reaffirmed the commitment of UK PACT to strengthening green finance systems and expanding renewable energy adoption in Nigeria.
Special Adviser on Climate Change and Circular Economy to the Lagos State Governor, Titilayo Oshodi, stressed the importance of coordinated investment, innovation, and supportive policies in accelerating sustainable energy access nationwide.
Stakeholders at the launch noted that initiatives such as the Green Finance Investment Facility are critical for mobilizing long-term capital, reducing investment risks, and accelerating clean energy deployment across Nigeria.
