Nigerian off-grid energy investment company, All On, on Friday announced that it has reached financial close with three firms to quicken access to affordable and viable energy sources in the oil-bearing Niger Delta region of Nigeria.
All On is an independent impact investing company that was seeded with funding from oil giant – Shell. It works with partners to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria, with a special focus on the Niger Delta.
A statement from it quoted its Chief Executive Officer, Dr. Boer Wiebe, to have announced that it would provide equity and debt funding to Port Harcourt based Green Village Electricity (GVE) which is reputed as Nigeria’s leading mini-grid player.
The funding arrangement would enable GVE expand the offerings of its clean energy solutions in the Niger Delta and across Nigeria.
Similarly, All On made the equity investment in Lumos Global BV, in the form of a debt facility to facilitate a quick rollout of its Solar Home Systems (SHS) in the Niger Delta.
It will also provide a convertible debt facility to another indigenous clean energy service provider, ColdHubs, to enable it expand its solar-powered marketplace cold storage business to new markets in the same region.
The statement noted that these developments came barely three months after All-On announced its first set of transactions in Nigeria’s off-grid market, and two months after the firm and U.S. Africa Development Foundation (USADF) announced a $3 million partnership to expand access to energy for underserved and unserved markets in Nigeria.
Boer said in it: “The investments made in these energy solution providers further demonstrate our firm belief that off-grid energy is indispensable in the improvement of Nigeria’s energy narrative. It therefore deserves adequate attention and financial backing from both the public and private sectors.”
Also, the Managing Director of GVE, Mr. Ifeanyi Orajaka, said in his reaction to the financial close: “We at GVE are excited about this relationship with All On. An investment from a world-class organisation such as All On further validates our position as one of the leading and most innovative indigenous clean energy solutions providers in Sub-Saharan Africa.”
Commenting on the development, Lumos’s CEO, Davidi Vortman, stated: “This debt facility from All On both cements the strategic relationship between our two companies and goes a long way towards significantly accelerating the speed of penetration of Lumos Solar Home Systems in the Niger Delta region.”
“All On has established itself as a leader in off grid energy in Nigeria and we are therefore excited to work with All On to enhance energy access for Nigerians in the Niger Delta and across the country,” Vortman added.
On his part, Chief Executive Officer of Cold Hubs, Mr. Nnaemeka Ikegwuonu, described the investment as a demonstration of All On’s commitment beyond simply addressing the access to energy gap, to harnessing innovative renewable energy solutions for the preservation of perishable foods.
Ikegwuonu, stated: “This support by All On will enable Cold Hubs to further refine its business model to help improve the livelihoods of people and enhance food security in the Niger Delta.”
