- InfraCredit has been featured by the World Economic Forum (WEF) as a case study solution in its community paper on “Mobilising Investments for Clean Energy in Nigeria.”
- The case study highlights InfraCredit’s unique role in mobilising long-term funding for clean energy projects with local currency to enable the growth of community-based developers in Nigeria.
InfraCredit has been featured by the World Economic Forum (WEF) as a case study solution in its community paper on “Mobilising Investments for Clean Energy in Nigeria.” The WEF publishes the community paper in partnership with the Renewable Energy & Energy Efficiency Associations Alliance (REEEA-A) and Marsh. Inaugurated at the Nigeria Country Roundtable on 2nd May 2023, the WEF community paper summarises key insights and recommendations on Nigeria’s priority areas and possible solutions to address investment challenges.
The case study highlights InfraCredit’s unique role in mobilising long-term funding for clean energy projects with local currency to enable the growth of community-based developers in Nigeria. The paper also spotlights InfraCredit’s Clean Energy Funding Programme, under which we supported the credit enhancement of Darway Coast’s green debt issue for solar mini-grid rural electrification and the North-South Power Company’s green bond issue for a hydropower plant in Nigeria.
According to WEF in the community paper, InfraCredit, as part of its clean energy transition strategy, has developed a Clean Energy Funding Programme (CEFP) that seeks to aggregate, de-risk and unlock domestic institutional investments to support eligible clean energy projects in Nigeria to contribute to meeting Nigeria’s universal electrification goal by 2030 and the Sustainable Development Goal (SDG) 7 target of ensuring access to affordable, reliable, sustainable and modern energy for all, while putting Nigeria on a path to achieve net-zero emissions by 2060.
It further stated, “Under the CEFP, InfraCredit has originated a project pipeline of over $180.7 million that requires the mobilization of at least N41.6 billion ($90 million) of private domestic institutional capital. One example is the support of the credit enhancement of Darway Coast Nigeria’s green debt issue.” The Chief Executive Officer, InfraCredit, Chinua Azubike, said: “At InfraCredit, we recognise that our role in mobilising domestic institutional investors and promoting the use of long-term local currency-denominated finance to meet the country’s infrastructure development needs could become an effective investment tool to collaborate with development partners in promoting green growth and climate resilient development.”
Source: This Day Newspaper