- Supports Nigeria’s first mesh-grid project under the Climate Finance Blending Facility.
- Expands access to clean electricity while creating jobs and cutting carbon emissions.
InfraCredit has mobilised local currency debt financing to support First Electric Power and Automation Services Limited under a strategic co-financing structure.
As a result, the initiative strengthens access to clean electricity while deepening domestic capital market participation.
InfraCredit, a AAA-rated specialised infrastructure credit guarantee institution, confirmed its credit enhancement for the issuance.
Significantly, the transaction operates under the Climate Finance Blending Facility, which targets scalable renewable infrastructure nationwide.
Notably, this deal represents the first mesh-grid clean energy project supported by the facility.
Equally significant, it marks the sixth completed transaction on the same platform.
The facility initially received £10 million in concessional capital from the UK Foreign, Commonwealth and Development Office.
Subsequently, British International Investment added $10 million, alongside a $20 million counter-guarantee arrangement.
Through this structure, the transaction will finance 20 mesh-grid electricity networks across three states.
Specifically, the networks will serve communities in Gombe, Nasarawa, and Ondo states.
Collectively, the projects will deliver a combined installed capacity of 724.8 kilowatt-peak.
Consequently, underserved households and small enterprises will gain reliable, affordable access to electricity.
Once operational, the project will electrify about 5,156 households and small businesses.
Furthermore, it will create an estimated 616 direct and indirect jobs.
In addition, the networks will prevent roughly 762 tonnes of carbon dioxide emissions annually.
Therefore, the project directly supports Nigeria’s universal electrification agenda and climate commitments.
Meanwhile, the transaction builds on earlier successes recorded under the Climate Finance Blending Facility.
So far, the platform has deployed approximately ₦12 billion across five renewable developers.
These include Darway, Hotspot, ACOB, Prado, and CEESOLAR.
Altogether, those projects reached over 28,000 beneficiaries and created more than 2,900 jobs.
At the same time, the facility has enabled a mandated project pipeline worth about ₦243.31 billion.
Currently, 23 developers are seeking financing through the platform.
Accordingly, the facility continues to demonstrate its catalytic role in mobilising private capital.
It also expands access to distributed renewable energy across Nigeria.
Speaking on the development, UK Deputy High Commissioner Jonny Baxter highlighted the facility’s innovative focus.
He emphasised its role in lowering energy costs for rural and remote communities.
Similarly, InfraCredit’s Chief Executive Officer, Chinua Azubike, underscored the platform’s growing scale and maturity.
He added that the portfolio will soon reach nearly 36,000 households and businesses nationwide.
Ultimately, local currency debt financing through InfraCredit reinforces investor confidence in Nigeria’s clean energy market.
Thus, it accelerates sustainable development while strengthening domestic financial participation.