The Nigeria Sovereign Investment Authority (NSIA) has launched the Renewables Investment Platform for Limitless Energy (RIPLE), a $500m initiative expected to transform clean power generation in the country.
At a ceremony in Abuja at the weekend, the Authority also signed a strategic partnership agreement with the International Finance Corporation (IFC), which is the Private sector investment arm of the World Bank Group.
Speaking at the event, the Managing Director (MD) of the NSIA, Aminu Umar-Sadiq, explained that the transformative initiative is dedicated to the development, investment, and operation of renewable energy projects across the entire value chain, throughout the country.
According to him, the RIPPLE will enable the NSIA to expand energy access, enhance energy efficiency and ensure energy security.
He 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 recognise the many opportunities it offers for innovation, growth, and economic transformation.
“RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously launched Carbon Vista with Vitol and the Construction Finance Warehouse Facility.”
The NSIA MD noted that the agreement with the IFC is a demonstration of the commitment by the two parties towards redefining the development and advancement of Nigeria’s renewable energy landscape.
He further explained: “I think this is a watershed moment for the renewable energy space in Nigeria. We are hoping that this fund we are targeting, about $500 million will focus on renewable energy space in general. The strategy is in three folds.
“The first is around diesel displacement, the second is around franchising in general, and then the third is around backward integration towards PV manufacturing in Nigeria.
“Naturally, we start with a proof of consent project with baby steps. However, as always the ambition of the NSIA and the IFC as it relates to this fund, is to scale up; to be able to go large.
“We are hopeful that in the course of time, we’ll begin to feel the impact of projects that we are co-developing as well as co-executing for the benefits of Nigeria and Nigerians.”
Providing more details on the initiative, the Programme Manager for RIPLE, Yusuf Umar, stated that the platform will include using energy sources such as solar, hydro (water), waste-to-power and could even consider wind.
According to him, the pilot project will be in Kano while the NSIA will expand the programme to other parts of the country including Abuja, Ibadan and many others.
“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 optimise productivity and reduce carbon footprint,” he said.
On his part, Regional Manager Africa, IFC, Dan Croft, affirmed that reliable power is needed to improve the quality of life in Nigeria.
He 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. The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”
. TheWitness
