Agreement signed for US$ 60M mini-grids projects in Nigeria
Engie Energy Access (EEA) Nigeria has signed an agreement with CrossBoundary Energy Access (CBEA) for a US$ 60M mini-grid project in Nigeria. This project that will provide over 150,000 people in Nigeria with access to electricity.
Engie Energy Access will be responsible for managing the mini-grids construction, long-term operations, and maintenance. Engie will provide clean, dependable power to clients for residential, commercial, and productive use. Additionally, EEA will offer top-notch services that are centered on the needs of the populace.
On the other hand, CrossBoundary will pay for all project development and construction costs and will be the project’s owner. However, they will work along with the Nigeria Electrification Project supported by the World Bank under the auspices of the Rural Electrification Agency (REA).
Remarks on the agreement signed for $60 million mini-grid project in Nigeria
3.5 million individuals benefited from mini-grid projects in Nigeria as of Q2 2022. These projects were supported by the NEP under the REA, according to earlier Nairametrics research.
Gillian-Alexandre Huart, the chief executive officer, of Engie Energy Access, said, “we are thrilled to collaborate with CrossBoundary Energy Access. With the aim of financing this portfolio of mini-grids in Nigeria. Furthermore, this agreement demonstrates our long-term commitment to being Africa’s top supplier of energy access solutions. Most importantly, this arrangement would give Nigeria’s rural inhabitants access to affordable technologies and increase the number of business prospects. Growing robust economic networks in these locations require promoting productive uses.”
Onyinye Anene-Nzelu, head of mini-grids at Engie Energy Access Nigeria, said, “This collaboration demonstrates the potential of the off-grid, decentralized renewable energy sector for Nigeria and the rest of Africa. Additionally, it serves as a call to action for other investors to visit Africa and work with it. With the aim to close its enormous energy deficit.”
Over the following four years, CrossBoundary Energy Access and Engie Energy Access intend to implement this agreement.