By Abdulfathah Babatunde
The ‘All On’ and Global Energy Alliance For People and Planet (GEAPP) have announced a joint $15 million investment to expand the Demand Aggregation for Renewable Technology (DART) programme in Benue State of Nigeria.
They announced this additional investment during Energy Day on the sideline of the World Bank event on Distributed Renewable Energy (DRE) at COP28 in Dubai, UAE.
The DRE focuses on accelerating universal access to energy in Africa.
TheNewsZenith reports that the DART programme began in Nigeria in 2021. It’s a global aggregate procurement financing initiative for renewable energy companies.
DART is to reduce the cost of deploying technologies in communities most in need.
To date, DART has saved 30 per cent for solar equipment, spurring standardisation of the market and accelerating the sector.
With this additional funding from GEAPP, the DART programme’s total fund size will increase to $25 million, according to a statement from the African Communications Group.
Caroline Eboumbou, CEO of All On, expressed excitement about the news, saying the fund “will unlock economies of scale for renewable energy developers in Nigeria”.
Ebumbou added that it would also accelerate the transition to renewable energy access for all. It will play a pivotal role in unlocking local currency financing for the sector.
“This investment demonstrates the confidence in the DART programme’s success since its inception in 2021.”
TheNewsZenith reports that ‘All On’ is an independent impact investing company, seeded with funding from Shell.
It works with partners to increase access to commercial energy products. All On equally provides services for unserved and underserved off-grid energy markets in Nigeria.
DART programme is seeded by investments of $20 million and $5 million from GEAPP and All On respectively.
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It aims to bolster financing opportunities and stimulate the economy of small and medium-sized developers operating in renewable energy sector.
GEAPP’s Interim Managing Director, Joseph Ng’ang’a said, “Our continued collaboration with All On and Odyssey Energy Solutions is focused on delivering real results for Nigeria’s renewable energy sector”.
“This partnership lies at the heart of GEAPP’s mission. This is to ignite a green energy revolution that transforms the lives and livelihoods of people across Nigeria,” Ng’ang’a added.
TheNewsZenith reports that GEAPP is alliance of philanthropy, governments in emerging and developed economies, and technology, policy and financing partners.
DART pilot in Nigeria demonstrates DRE as a scalable, market-driven solution. It can reach the underserved with low cost, low carbon power, and faster than a traditional grid.
“In conjunction with expanded DART programme, we announce the commissioning of the largest isolated mini-grid project in Chito Community.
Chito community is in Ukum Local Government Area of Benue State.
“This project was executed by Prado Power Ltd under the aegis of the Nigeria Electrification Project (NEP) by the World Bank and the Rural Electrification Agency (REA).
“The 350KW mini-grid, backed by $1 million from DART, will connect over 7,000 households in the community to a reliable and sustainable power supply.
“The households comprised of commercial, institutional and productive use customers,” GEAPP boss said.
