- The additional funding from GEAPP will increase the DART programme’s total fund size to $25m.
- The DART programme has provided about 30% solar equipment savings.
During COP28, All On and the Global Energy Alliance for People and Planet pledged an additional $15m to expand the Demand Aggregation for Renewable Technology (DART) programme. The firms made this pledge during Energy Day after a World Bank event on Distributed Renewable Energy focused on accelerating universal access to energy in Africa.
The DART programme is a global aggregated procurement financing initiative for renewable energy companies to decrease the cost of deploying these technologies in communities most in need. The programme began in Nigeria in 2021 and has achieved about 30 per cent savings for solar equipment. This has driven market standardisation and accelerated the sector. With this additional funding from GEAPP, the DART programme’s total fund size will increase to $25m.
The Chief Executive Officer of All On, Caroline Eboumbou, noted, “We are especially excited that this funding will not only unlock economies of scale for renewable energy developers in Nigeria but will also accelerate the transition to renewable energy access for all and play a pivotal role in unlocking local currency financing for the sector. This investment demonstrates the confidence in the DART programme’s success since its inception in 2021.”
The facility is seeded by investments of $20m and $5m from GEAPP and All On, respectively. Its primary objective is to bolster financing opportunities and stimulate economies of scale for small and medium-sized developers operating in the renewable energy sector.