The Nigeria Sovereign Investment Authority has launched a $500 million Renewables Investment Platform for Limitless Energy dedicated to developing renewable energy projects across the entire value chain to reduce the power deficit in the country.
In a statement issued in Abuja on Sunday, the agency said that executing a strategic partnership agreement with the International Finance Corporation accompanied the launch of the platform known as RIPLE.
It stated that with RIPLE, the NSIA would expand energy access, enhance energy efficiency and ensure energy security.
Accordingly, “the pilot for this initiative is located within the Tokarawa Industrial Hub in Kano State, and it involves setting up a generation and distribution system to meet 70 megawatts of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections,” the agency stated.
The Programme Manager of RIPLE, Yusuf Umar, said, “We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria”.
The development comes as over 45 per cent of Nigeria’s population still grapples with a lack of access to electricity.
Credit Gist New Today News in Newspaper Nigeria Headlines