NSIA launches $500m platform to boost investment in renewable energy
In a landmark feat, the Nigeria Sovereign Investment Authority (NSIA) has unveiled a $500 million platform to boost investments in Renewable Energy.
The investment platform named Renewables Investment Platform for Limitless Energy (RIPLE) was launched in partnership with the International Finance Corporation (IFC).
According to the Managing Director of the NSIA, Mr. Aminu Umar-Sadiq, “The transformative initiative was dedicated to the development, investment, and operation of renewable energy projects across the entire value chain, throughout the country.”
With RIPLE, he explained, “The NSIA was positioned to expand energy access, enhance energy efficiency and ensure energy security.”
According to the MD, “The collaboration between NSIA and the IFC is a clear demonstration of NSIA’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.
“RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously lunched Carbon Vista with Vitol and the Construction Finance Warehouse Facility.
Mr. Umar-Sadiq described the deal with the IFC, which is the Private sector investment arm of the World Bank Group, as a demonstration of commitment by the two parties towards redefining the development and advancement of Nigeria’s renewable energy landscape.
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.
In his remarks, Programme Manager for RIPLE, Mr. 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 to empower the customers with a resilient and environmentally friendly energy solution that will optimise productivity and reduce carbon footprint.”
Mr. Umar said that after the pilot project in Kano, NSIA would expand the programme to other parts of the country including Abuja, Ibadan and many others.
According to him, RIPLE would include using energy sources such as solar, hydro (water), waste-to-power and could even consider wind.
