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ABUJA (Reuters) – Nigeria’s $300 million Distributed Renewable Energy Fund has been commercially launched, moving from structuring to capital deployment, the country’s sovereign wealth fund said on Monday.
Nigeria Sovereign Investment Authority said the fund brings together public and private capital to fund clean-energy projects.
The fund seeks to scale off-grid and distributed renewable energy investments and connect around 300 million people across Africa to electricity by 2030.
The World Bank Group, as a founding partner in the initiative, has backed the fund with an initial $25 million through its IDA arm, the NSIA said.
