Firm secures $ 7.4m funding for off- grid programme

CHAPEL- HILL Denham has obtained $ 7.4 million in securitised financing to improve off- grid electricity in Nigeria.

The funding, expected to expedite the growth of sustainable and accessible energy solutions, will, according to the organisation, enable Nigeria to achieve broader electrification goals and reduce dependence on traditional power sources.

The capital, sourced from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund ( NIDF), is earmarked for the expansion of the paygo service.

This initiative focuses on delivering cost- effective, solar- powered products tailored for low- income households, aiming to improve access to sustainable and affordable energy solutions. The company also linked the move with broader efforts to enhance energy access, foster economic development, and contribute to Nigeria’s commitment to cleaner and more sustainable energy practices.

This development comes at a time when the global community emphasizes the importance of renewable energy to mitigate climate change and promote environmental sustainability. The $ 7.4 million investment is poised to make a meaningful impact by facilitating the expansion of solar home systems. This not only addresses immediate energy needs but also opens up opportunities for economic growth and improved living standards in regions where access to electricity has been a persistent challenge.

The challenging state of Nigeria’s electricity sector has long hindered economic growth and impacted citizens’ daily lives. With power shortages and unreliable access being major impediments, the infusion of funds into off- grid solar projects is seen as a promising solution to bridge the energy gap, especially in areas where conventional grid expansion is economically challenging.

Chapel- Hill Denham’s Chief Executive Officer, Bolaji Balogun, emphasized that this agreement signifies a significant milestone in Nigeria’s sustainable infrastructure development.