Firms To Launch Roadmap On Rural Electrification
ANEW roadmap by Rural Electrification Agency (REA) and Rocky Mountain Institute (RMI) will be tackling the challenge of power supply in rural communities across the country.
The initiative, which outlined reduction of the cost of power to about $0.20/kwh from electric minigrid technology by 2020, will also determine how much capital is re- quired, plan transitioning funding from grants and high-risk concessional, as well as government sources to venture capital and private equity.
The agencies said, yesterday, that the roadmap, regarded as first-of its kind, would be launched in May. Founder of Virgin Group and an RMI donor, Richard Branson, said: “Nigeria has all the right drivers to become a leader in the minigrid market in Africa, great entrepreneurial tradition, a large self-employed population and market size. I’m looking forward to seeing how entrepreneurs in Nigeria leverage this opportunity over the next few years.”
Managing Director, Rural Electrification
Agency, Damilola Ogunbiyi, said: “The electricity market for off-grid energy in Nigeria is huge and profitable for developers. Installing 1,000 minigrids each year for the next 10 years would provide power to millions of Nigerians currently off-grid.”
Chief Executive officer of Rocky Mountain Institute, Jules Kortenhorst, added: “I am excited and optimistic about cracking the minigrid challenge in Nigeria. Nigeria is blessed with some of the region’s most amazing entrepreneurs. We urge venture capitalists and impact investors from around the world to get involved with us.”