Heirs Energies harps on role of local content, innovative funding in renewable energy adoption
Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, has harped on the role of local content and innovative funding in boosting renewable energy adoption in Nigeria.
The Heirs Energies executive made these submissions during a firechat session, theme: ‘Investing in Tomorrow: Navigating the $360 Billion Energy Transition’ at the Nigeria Energy Leadership Summit in Lagos on Wednesday.
Identifying the role of solar and other renewable energy projects in Nigeria’s energy transition goals, Nwanze recommended the adoption of innovative financing mechanisms, including green bonds and blended finance, to accelerate the development of renewable energy projects in Nigeria.
He emphasised the role of tailored financial solutions in addressing project-specific risks and attracting investments.
He further underscored the critical role of financial institutions in closing the funding gap for Nigeria’s Energy Transition Plan (ETP).
“There is no one-size-fits-all financing solution for renewable energy projects,” Nwanze stated.
“At Heirs Energies, we engage with investors to assess project risks and structure financing in ways that mitigate these risks while attracting capital. Nigeria was the first African country to issue a green bond, and this highlights our potential to leverage innovative financing mechanisms for sustainable development.”
Nwanze stressed the need for an integrated approach within the renewable energy value chain, calling for better collaboration between key agencies such as the Nigerian Content Development and Monitoring Board (NCDMB), the Rural Electrification Agency (REA), and the Nigerian Renewable Energy and Energy Efficiency Association (NREEA).
“Quality needs to be ensured cohesively across the sector. We must align all players within the value chain to achieve targeted results.
“An effective implementation and monitoring framework is critical because, without it, most government policies will not deliver the desired impact,” he remarked.
He also highlighted the importance of local content in renewable energy development.
“The NCDMB has made tremendous achievements in oil and gas, and these can be replicated in the renewable sector.
“Through capacity building, local manufacturing, and research & development, the board’s expertise and the Nigeria Local Content Act can be instrumental in developing a sustainable renewable energy sector,” he said.
Nwanze outlined several key areas requiring investment to achieve Nigeria’s energy transition goals, including large-scale renewable energy projects, off-grid and mini-grid solutions for rural areas, and decarbonizing the power sector.
He noted that meeting clean cooking needs alone would require $7.5 billion by 2030.
“The ETP focuses on power, transportation, industrial decarbonization, and clean cooking solutions. Decarbonizing the power sector alone will need about $135 billion by 2060 to expand renewable energy capacity, improve grid infrastructure, and scale off-grid solutions.
“there are significant opportunities to diversify the energy mix, reduce fossil fuel dependency, and enhance electricity access,” Nwanze said.
He called for stronger government support, including financial incentives, tax breaks, and subsidies, to drive renewable energy adoption.
He also emphasised the need for clear policy frameworks to provide certainty around tariffs and demand, thereby attracting long-term investments.
“Increasing grid stability, expanding transmission infrastructure, and adopting energy storage solutions are essential for integrating renewable energy into the national grid.
“The government must also foster international partnerships to accelerate technology transfer and renewable energy deployment,” Nwanze added.
The ED and CFO of Heirs Energies further reaffirmed the company’s commitment to advancing Nigeria’s energy transition.
“At Heirs Energies, we are dedicated to playing a leading role in Nigeria’s energy transition. Together, we can shape a sustainable energy future that benefits all Nigerians,” he said.
