- The EU approves $3.4m for Solar Mesh Grids in Nigeria.
- The investment is to aid Okra solar expand its market in Nigeria and improve access to energy.
The European Union has approved a $3.4 million working capital facility for Okra Solar under the ElectriFI Country Window for Nigeria, which will be used to target 76,000 energy-access beneficiaries by the end of 2025.
Through a low-voltage transmission connection, their in-house developed Okra Pod allows the solar systems installed at each home to communicate and share power (creating the mesh grid). The sale of the pods includes inverters, batteries, and PV panels.
The company has begun concentrating on the extremely critical Nigerian market, and over the next two to three years, it plans to roll out a number of experimental programs to invigorate more than 30,000 households there.
The investment made by EDFI ElectriFI consists of a revolving working capital facility that is intended to close the financing gap in the supply chain, assist Okra in taking advantage of the high demand for their technology, expand their market share in Nigeria, and ultimately hasten sustainable electrification.
The ElectriFI Country Window for Nigeria is developed in partnership with EU Delegations and host governments. “The European Union’s support to Okra through the ElectriFI Nigeria Country Window assists the country’s efforts in accelerating energy access to people in underserved and unserved communities.
“As such, it is at the heart of our partnership with Nigeria, which among others, aims at improving reliable energy access to seize the environmental, social and economic potential of renewable energy,” explained Inga Stefanowicz, Head of Green and Digital Economy at the Delegation of the European Union to the Federal Republic of Nigeria & ECOWAS.