Article summary
- All On in partnership with GEAPP announces $ 11 million support for mini-grid projects across Nigeria through the Demand Aggregation for Renewable Technology program
- CEO of All On comments on the successes and challenges the company and its partner have faced in providing solar-powered mini-grids to communities
- Role of the DART program in Nigeria’s renewable energy ecosystem
All On an independent investment company with seed funding from Shell has announced $ 11 million in support for mini-grids across Nigeria.
The announcement was made known during the inaugural workshop of its Demand Aggregation for Renewable Technologies (DART) held in Lagos. The event had in attendance critical stakeholders, investors, bankers, off-grid developers etc. who brainstormed strategies to unlock local currency commercial funding for off-grid energy solutions in Nigeria.
The CEO of All On Caroline Eboumbou remarked that the DART program has witnessed significant success since its launch in 2021. She stated that around $ 11 million has been committed so far with the intent to raise the figure to $ 15 million and over 2700 solar energy systems have been built with 12 successful applications.
She harped on the efforts All On and its partner Global Energy for People and Planet (GEAPP) have made in addressing problems such as local financing and getting affordable and high-quality solar products needed by communities.
- She commented thus “While celebrating these achievements, we also acknowledge that challenges have arisen along the way. In collaboration with our partners at GEAPP, we are actively working to address these challenges. We have made significant progress in simplifying the application process and reducing the timelines from application to disbursement. Additionally, we have expanded the eligibility scope to include Solar Energy Systems, Standalone Systems for Productive Use (SSPU), and Commercial and Industrial (C&I) developers,”
About the DART program and the role, it plays in Nigeria’s renewable energy space.
The DART program- a $ 10 million finance facility was set up by All On and GEAPP to fast-track the growth of renewable energy solutions in Nigeria. It does this by combining demand polling, aggregated purchasing of solar equipment, access to affordable finance, and streamlined logistics processes.
Speaking on the importance of the DART program on Africa’s renewable energy ecosystem, the CEO of All On had this to say
- “Firstly, it allows small-scale developers to benefit from group purchasing, resulting in lower unit costs for solar equipment. Secondly, it addresses the issue of foreign exchange availability, alleviating the FX bottlenecks experienced by developers.”
- “Moreover, the program offers additional benefits such as a streamlined procurement process, expedited deployment of off-grid assets, access to affordable financing for developers, and the potential for result-based subsidies and other commercial financing options.”
