Home Business NSIA Unveils $500M RenewableInvestment Platform to Enhance Energy Transition In Nigeria

NSIA Unveils $500M RenewableInvestment Platform to Enhance Energy Transition In Nigeria

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The Nigeria Sovereign Investment Authority NSIA has launched a $500 million Renewables Investment Platform for Limitless Energy (RIPLE).

The transformative initiative is dedicated to the development, investment, and operation of renewable energy projects across the entire value chain.

With RIPLE, NSIA is positioned to expand energy access, enhance energy efficiency and ensure energy security.

The launch of RIPLE is accompanied by the execution of a strategic partnership agreement that seeks to further redefine Nigeria’s energy landscape with the multilateral finance group – International Finance Corporation (IFC), signaling a joint commitment to advance renewable energy developments.

The pilot for this initiative is located within the Tokarawa Industrial Hub in Kano State and 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.

Speaking on the partnership, the Managing Director and Chief Executive Officer of NSIA, Mr. Aminu Umar-Sadiq, said, “The collaboration between NSIA and the IFC is a clear demonstration of the Authority’s dedication to sustainable energy transition in Nigeria.

“As the custodian of economic resources for current and future generations of Nigerians, tackling climate risks is integral to NSIA’s objectives.

“We recognize the many opportunities it offers for innovation, growth, and economic transformation,” he said.

The Program Manager, RIPLE, Mr. Yusuf Umar expressed excitement at the partnership with the International Finance Corporation to advance the transition to energy efficient solutions in Nigeria.

According to Umar, ‘IFC, an institution that shares our commitment to sustainable development, our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimize productivity and reduce carbon footprint, ” he said.

In his remarks, Dan Croft, the Regional Manager Africa, IFC said noted that reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria.

He acknowledged that the Corporation was pleased to collaborate with its longstanding partner, NSIA, to develop and implement the first phase of the innovative energy solution, which he noted will reduce greenhouse gas emissions and reliance on fossil fuel.

He added that the energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.

RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously launched Carbon Vista with Vitol and the Construction Finance Warehouse Facility.

Nigeria Sovereign Investment Authority (NSI is an independent investment institution, set up by an Act of parliament to manage funds in excess of budgeted hydrocarbon revenues.

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