British International Investment (BII), the UK’s development finance institution and impact investor, has partnered with Odyssey Energy Solutions to launch a $7.5 million financing facility aimed at expanding electricity mini-grids for homes and businesses across Nigeria. The initiative supports Nigeria’s Distributed Access through Renewable Energy Scale-Up (DARES) program, backed by the World Bank, which is working to improve energy access for 17.5 million people.
The facility leverages Odyssey’s proprietary procurement platform and supply chain credit solution to make it easier for mini-grid developers to access high-quality solar and energy storage equipment with minimal upfront costs. By addressing the financing gap between DARES subsidy commitments and actual disbursements, it covers critical expenses such as equipment acquisition and import duties. Developers will be able to repay financing as their projects begin to generate revenue, reducing the upfront burden and enabling faster project execution.
This offering provides significant benefits for Nigerian solar companies. Competitive pricing through bulk procurement lowers costs, while flexible payment options help improve cash flow and working capital. Faster procurement cycles will accelerate deployment timelines, and end-to-end logistics support—from customs clearance to last-mile delivery—ensures smooth operations. Additionally, all equipment is vetted for quality and reliability, giving developers confidence in the systems they deploy.
The new facility is designed to scale with the growing demand under DARES, partnering with a wider network of qualified developers and suppliers to accelerate electrification and reduce the time needed to connect communities. Deputy High Commissioner Jonny Baxter emphasized that BII’s investment reflects growing opportunities for the private sector to advance renewable energy in Nigeria and across Africa. He noted that UK finance is playing a vital role in driving green growth and strengthening the UK’s position as a global climate partner under the Enhanced Trade and Investment Partnership with Nigeria.
Benson Adenuga, BII’s West Africa Regional Director, highlighted that approximately 90 million people in Nigeria still lack access to electricity, and mini-grids powered by clean energy sources will play a key role in addressing this challenge. Piyush Mathur, Co-Founder and Managing Director of Odyssey Energy Solutions, commended BII’s progressive approach to overcoming financing barriers in distributed energy. He explained that this support enables Odyssey to provide flexible, affordable financing options tailored to developers’ needs, helping to accelerate electrification across Nigeria.
Odyssey, which works with more than 3,000 installers and has over $3 billion of available finance on its platform, continues to expand its end-to-end solutions for emerging markets. By integrating procurement, financing, and monitoring into a single streamlined platform, Odyssey makes it easier for companies to scale operations, reduce costs, and deliver clean energy to communities faster than ever before.
