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NSIA introduces $500m platform for investing in renewable energy



Renewable energy e1537962583887

As an independent investment institution established by an Act of parliament to manage funds in excess of budgeted hydrocarbon revenues, NSIA operates three distinct funds including the Stabilization Fund, Future Generation Fund, and Nigeria Infrastructure Fund.

In a statement issued in Abuja on Sunday, the agency announced the launch of RIPLE alongside the execution of a strategic partnership agreement with the International Finance Corporation.

This partnership aims to redefine Nigeria’s energy landscape with the multilateral finance group and signifies a joint commitment to advance renewable energy developments.

According to the agency, the pilot for this initiative is situated within the Tokarawa Industrial Hub in Kano State. It involves establishing a generation and distribution system to meet 70 megawatts of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.

The Programme Manager, RIPLE, Yusuf Umar, expressed excitement about partnering with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria.