European Union set to launch €30 million Power Finance Scheme in Nigeria

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The European Union in partnership with All On, an impact finance outfit, will launch a €30 million worth of electrification financing initiative for off-grid and commercial and industrial captive power projects in Nigeria.

The development was revealed by organisers of the upcoming fourth Nigeria Energy Forum (NEF 2019).

According to the organisers, the funding window would help upscale investments for sustainable energy development in Nigeria. They also noted that the event would hold his week in Lagos, with the former National Chairman of the Nigerian Institute of Electrical and Electronics Engineers (NIEEE), Mr. Adekunle Makinde, delivering the keynote address.

Also to speak at the event are the Chairman of the Nigerian Electricity Regulatory Commission, Prof. James Momoh; Chief Executive Officer (CEO) of All On, Dr. Weibe Boer and a representative of the EU, Mr. John Funso-Adebayo.

The Chairman of the Forum, Dr. Oluwole Adeuyi said “this year’s forum will focus on how to facilitate local and foreign investments in sustainable electrification, grid modernisation and digital energy technologies for economic growth in Nigeria”.

He revealed that “the forum is supported by All On, a leading impact investor in Nigeria’s off-grid energy market and co-organised with GET.Invest, European multi-donor programme and will feature over four top-class hands-on capacity building workshops by key local and international energy experts”.

In a  statement released, Dr. Weibe Boer also said that “the funding from All On will support the event with a view to increasing capacity, the quality of speakers, stakeholders, participants and discourse. “All of these are geared towards fulfilling All On’s charitable mandate of building an enabling environment for the off-grid energy sector in Nigeria”.

The statement also revealed that the 2019 energy ideas competition organised by the forum for energy start-ups has attracted 86 entries from 17 different countries in Africa and the winners will be announced at the conference.

It added that All On’s support will allow the top 20 early-stage energy entrepreneurs from Nigeria shortlisted through a competitive process to fully attend the technical, capacity building and investment sessions at the conference.

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