|Asset Classes||Private equity|
|Impact strategy||Energy and Climate|
|Tonnes of CO₂ emissions avoided||2,000 MT|
|Number of households provided with clean electricity||55,000|
|Aligned with SDGs|
Through an equity stake Triodos Groenfonds and Triodos Emerging Markets Renewable Energy Fund co-finance the construction of 28 rural mini-grids in Nigeria. These grids are developed and operated by PowerGen Renewable Energy and will provide 55,000 people access to clean energy. This project represents the largest mini-grid development in Nigeria to date and the second equity project investment in African rural mini-grids.
PowerGen Renewable Energy is the leading developer in Africa of on-grid and off-grid distributed energy. Founded in 2011, the company has installed over 200 mini grids or 16,000 connections across seven East African countries, providing electricity access to over 55,000 people. They will mitigate over 2,000 MT of CO2e emissions annually, which is equivalent to removing 500 cars from the road per year. The systems will serve a base of rural residential, commercial, and productive use customers. The project is supported by grant funding from the World Bank and the Nigeria Rural Electrification Agency’s Nigeria Electrification Project (NEP).