The European Union (EU) has approved a $4.5 million working capital facility under the ElectriFI Country Window for Nigeria. The financing facility will help in providing electricity access through solar mesh-grid technology by mini-grid developer Okra Solar, targeting around 76,000 beneficiaries by 2025.
Okra Solar develops mesh-grid technology and provides clean electricity to underserved or unserved communities. Launched in 2016, the company has now set its focus on the highly strategic Nigerian market and looks forward to energizing 30,000 plus households in the country in the next two to three years.
Maud Watelet, ElectriFI Senior Investment Officer, said, Okra Solar has a highly skilled team and their technology is transformative. EDFI ElectriFI is proud to contribute to accelerating the development of micro and mini-grids for rural electrification across Nigeria.
Afnan Hannan, Co-founder & CEO of Okra Solar, mentioned that off-grid solutions like mesh grids are highly cheaper than grid extension for remote communities. In Nigeria, millions of people still live in off-grid areas. Okra will work together with EDFI ElectriFI to deploy innovative financial tools that will enable mesh-grids development at a large scale by local developers.
Inga Stefanowicz, Head of Green and Digital Economy at the Delegation of the EU to Nigeria & ECOWAS, said the EU’s support assists Nigeria’s efforts to accelerate electricity access to the people. Their partnership with Okra aims at improving reliable energy access and seize the environmental, social, and economic potential of renewable energy in the country.