Triodos Groenfonds and Hivos-Triodos Fund have each provided USD 1.5 million equity as part of a USD 9 million project construction investment to PowerGen Renewable Energy. The capital funding will be used to build 28 rural mini-grids in Nigeria providing access to energy to 55,000 people. This project represents the largest mini-grid development in Nigeria to date and the second equity project investment in African rural mini-grids. Other investors include CrossBoundary Energy Access, EDFI ElectriFI, and Oikocredit.
“This equity investment in PowerGen’s mini-grid project can be considered a landmark investment with major strategic importance both for Triodos Investment Management and the African mini-grid sector development”, says Estefanía Matesanz, Senior Investment Manager Private Equity. “The success of this investment results from the combined expertise, creativity and synergies created by PowerGen together with Oikocredit, EDFI ElectriFI, CrossBoundery Energy Access and Triodos IM. We are pleased to be able to contribute to the access to energy in emerging countries with clean and affordable technologies through this deal.”
Learn more about this investment here>
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