BY COBHAM NSA – Focused on expanding energy access as well as enhancing energy efficiency and security in the country, the Nigeria Sovereign Investment Authority (NSIA) has launched a $500m Renewables Investment Platform for Limitless Energy code-named ‘RIPLE’
According to the Authority, the launch of RIPLE follows the execution of a strategic partnership agreement seeking to further redefine Nigeria’s energy landscape with the multilateral finance group, International Finance Corporation (IFC.
With RIPLE transformative initiative, NSIA is further demonstrating its dedication to the development, investment, and operation of renewable energy projects across the entire value chain.
Also explaining that RIPLE unveils a joint commitment to advance renewable energy developments, NSIA said the pilot programme, located within the Tokarawa Industrial Hub in Kano State, involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.
The Managing Director and Chief Executive Officer of NSIA, Mr Aminu Umar-Sadiq, who offered an insight regarding the initiative said; “The collaboration between NSIA and the IFC is a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria.
“As the custodian of economic resources for current and future generations of Nigerians, tackling climate risks is integral to NSIA’s objectives. We recognize the many opportunities it offers for innovation, growth, and economic transformation.
For the NSIA, having previously launched Carbon Vista with Vitol and the Construction Finance Warehouse Facility, the RIPLE programme represents another milestone initiative in its climate sustainability asset class.
In his remarks, the Program Manager of RIPLE, Mr Yusuf Umar, said; “We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria, an institution that shares our commitment to sustainable development, our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimize productivity and reduce the carbon footprint.”
Also commenting on the initiative, IFC Regional Manager Africa, Dan Croft, said; “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria. IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement the first phase of this innovative energy solution which will reduce greenhouse gas emissions and reliance on fossil fuel.”
Croft further explained that; “The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”
