The Nigerian
off-grid energy investment company, All On, has closed a financial deal with
three firms for accelerated access to affordable and sustainable energy sources
in the Niger Delta, reports NaijaAgroNet.
Chief Executive
Officer of All On, Dr. Boer Wiebe,
made this known to NaijaAgroNet at the weekend, saying it 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, NaijaAgroNet 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
investments made in these energy solution providers further demonstrate our
firm 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. Boer said.
Commenting, Lumos’s CEO Davidi
Vortman, said: “This debt facility from All On both cements the strategic
relationship between our 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.”
ColdHubs CEO,
Nnaemeka Ikegwuonu, described the investment as a demonstration of All On’s
commitment beyond simply addressing the
access 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.
In his reaction
to the financial close, Managing Director of GVE, Ifeanyi Orajaka, said: "We
at GVE are excited about this relationship with All On. An investment from a
world-class organisation such as All On further validates our position as one of the leading
and most innovative indigenous clean energy solutions providers in Sub-Saharan Africa.”
Isaac Oyimah/GEE
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