Firm raises fund for 22 power projects

Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has announced the successful financial close for the construction of 22 renewable energy mini-grids across the country.

The projects are being developed by Havenhill Synergy Limited (Havenhill) under the Nigeria Electrification Project (NEP) worth N1.8 billion ($4.6 million) and will benefit 70,000 people.

Speaking on the completion of the deal, the Chief Executive Officer (CEO) of NIDF, Anshul Rai, said it was quite fulfilling to note that NIDF is playing a significant role in improving energy access in Nigeria.

He disclosed that financing of the project will be from the fund’s recently concluded Series-7 capital raise, which also involved the participation of the African Development Bank (AfDB).

The Director Energy Financial Solutions, Policy & Regulation, AfDB, Wale Shonibare, described the investment in the project as a welcome development that would assist in complementing its role to the sovereign loan offered to the Federal Government of Nigeria which is targeted at supporting the implementation of the Nigerian electrification project.

The CEO of Havenhill, Olusegun Odunaiya, stated that the NIDF team’s commercial savviness has enabled it to implement a highly innovative financing structure that fully addresses the peculiarities of the project and, therefore, ensures its long-term success.