A Nigerian off-grid energy investment company, AllOn, has closed three financial deals for fast-tracked access to affordable and sustainable energy sources in the Niger Delta region of the country, reports ITRealms.
Confirming the deals, the Chief Executive Officer of All On, Dr. Boer Wiebe, to ITRealms weekend that the latest follows the equity investment made in 2017 to Nigeria Solar Home System market leader, Lumos Global BV, in the form of a debt facility to facilitate a quick rollout in the Niger Delta.
"All On is also providing equity and debt to Port Harcourt based Green Village Electricity (GVE), Nigeria’s leading mini-grid player, for expansion in the Niger Delta and across Nigeria, while ColdHubs is receiving a convertible debt facility to expand its solar-powered marketplace cold storage business to new markets in the region," Wiebe said.
These developments, ITRealms gathered are coming barely three months after All-On announced its first set of transactions in Nigeria’s off-grid market, and two months after the firm and U.S. Africa Development Foundation (USADF) announced a $3 million partnership to expand access to energy for underserved and unserved markets in Nigeria.
The Manager, External Affairs and Strategic Partnerships at AllOn, Ekaete Okoro, in a press statement, also quoted Dr. Wiebe as saying that the investments made in these energy solution providers further demonstrate the firm’s belief that off-grid energy is indispensable in the improvement of Nigeria’s energy narrative.
“It therefore deserves adequate attention and financial backing from both the public and private sectors.” Dr. Wiebe said.
Equally speaking, the chief executive officer, Lumos, Davidi Vortman, said this debt facility from All On both cements the strategic relationship between the two companies and goes a long way towards significantly accelerating the speed of penetration of Lumos Solar Home Systems in the Niger Delta region.
“All On has established itself as a leader in off grid energy in Nigeria and we are therefore excited to work with All On to enhance energy access for Nigerians in the Niger Delta and across the country,” Vortman said.
For the ColdHubs CEO, Nnaemeka Ikegwuonu, the investment is a demonstration of All On’s commitment beyond simply addressing the ccess to energy gap, to harnessing innovative renewable energy solutions for the preservation of perishable foods.
“This support by All On will enable Cold Hubs to further refine its business model to help improve the livelihoods of people and enhance food security in the Niger Delta,” he said.
Yet, the Managing Director of GVE, Ifeanyi Orajaka, said they were excited about this relationship with AllOn, describing it as an investment from a world-class organization, which further validates the position as “one of the leading and most innovative indigenous clean energy solutions providers in Sub-Saharan Africa.”
ITRealms recalls that All On, an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria, with a special focus on the Niger Delta.
Chuks Egbune/GEE
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