- The initiative by NSIA involves setting up a generation and distribution system to meet the 70MW energy demands of industrial, commercial and residential customers.
- The Authority partnered with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria.
The Nigeria Sovereign Investment Authority (NSIA) has launched a $500m Renewables Investment Platform for Limitless Energy (RIPLE). NSIA dedicates the initiative to developing, investing, and operating renewable energy projects across the entire value chain. The Authority positions itself with RIPLE to expand energy access, enhance energy efficiency and ensure energy security.
The launch of RIPLE accompanies a strategic partnership agreement that seeks to further redefine Nigeria’s energy landscape with the multilateral finance group – International Finance Corporation (IFC) – signals a joint commitment to advance renewable energy developments. The pilot for the initiative is within the Tokarawa Industrial Hub in Kano State. It involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.
Commenting on the initiative, 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, an institution that shares our commitment to sustainable development. Our focus is empowering customers with a resilient and environmentally friendly energy solution to optimise productivity and reduce carbon footprint.” RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, with a previous launch of Carbon Vista with Vitol and the Construction Finance Warehouse Facility.