Nigeria’s off grid power developers have secured about 83 million dollars in new International Finance Corporation backed financing under the Distributed Access through Renewable Energy Scale Up programme. The deals signal rising investor confidence in the country’s distributed energy market.
The agreements were signed on the sidelines of the 2026 World Bank Group and IMF Spring Meetings. The funding will support an initial group of Nigerian renewable energy companies deploying mini grids and solar home systems in communities with little or no grid access. It also marks a shift from pilot projects to large scale rollout of distributed energy infrastructure.
Companies that have signed financing agreements in the first phase include Darway Coast PriVida Power Prado Power GVE Projects and StarTimes Smart Energy. Ashipa Energy Eauxwell Nigeria Ignite Power Maskh Nigeria Nayo Tropical Resources and Paras Energy have been added to the next phase of the pipeline reflecting growing depth in the developer ecosystem.
The transactions fall under Nigeria’s DARES programme a 750 million dollar World Bank supported initiative run by the Rural Electrification Agency to expand electricity access through privately delivered renewable systems. The new funding is structured as a revolving debt facility backed by the IFC providing longer term capital in a market where affordable finance has been scarce.
The model blends concessional funds with commercial capital allowing faster deployment across many sites. IFC Managing Director Makhtar Diop said the programme shows how blended finance can tackle sector wide constraints at scale and noted that Nigeria is setting an example that can be replicated across Africa.
Representing the Minister of Finance and Coordinating Minister of the Economy Wale Edun presidential economic adviser Sanyade Okolie said the government’s priority is to transform the economy in a way that lifts people out of poverty. She stressed that making Nigeria attractive to investors is the most sustainable path and praised progress made by the DARES team.
Head of the Nigeria Electrification Programme and DARES project lead Olufemi Akinyelure said the initiative has moved from design to execution at scale. He noted that distributed renewable energy in Nigeria is now a bankable market rather than a pilot segment and that the structure allows capital to flow quickly to where it is needed to deliver access and support economic activity.
Minister of Communications Innovation and Digital Economy Bosun Tijani linked the energy push to the wider goal of building a one trillion dollar economy. He said major investment in infrastructure especially digital connectivity is needed to bring more Nigerians online improve how business is done and unlock new opportunities.
Chief Executive Officer of Sustainable Energy for All Damilola Ogunbiyi said the programme is setting a benchmark for global energy access finance under Mission 300. She noted that DARES shows how the right structures can unlock scale speed up deployment and deliver real impact for millions.
Analysts say the deals reflect a structural shift that positions distributed energy as a viable asset class in Nigeria’s power sector at a time when grid expansion is struggling to meet demand. Across current and planned transactions the platform is expected to mobilise more than 150 million dollars support hundreds of distributed systems and expand electricity access to over 5 million people while cutting diesel use.
The wider DARES programme has already reached more than 4.1 million Nigerians and targets over 17.5 million beneficiaries by 2028 along with around 465 megawatts of distributed renewable capacity. It builds on earlier efforts that delivered over 175 mini grids and more than 1.1 million solar home systems nationwide.
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