Article summary
- Chapel Hill Denham partners with the Rural Electrification Agency (REA) to drive solar power adoption in Nigeria and facilitate financing for off-grid electrification projects.
- The collaboration aims to contribute to Nigeria’s energy access goals and economic development by expanding solar power access and accelerating positive change in the power sector.
- Chapel Hill Denham, recognized for its contributions to climate finance, brings its expertise in financing renewable energy projects and promoting sustainability principles to the partnership.
Chapel Hill Denham, independent investment banking and securities trading firm, has joined forces with the Rural Electrification Agency (REA) to drive the adoption of solar power in Nigeria.
The collaboration, which was solidified with the signing of a Memorandum of Understanding (MoU) between Chapel Hill Denham and REA at an investor matchmaking event held in partnership with the Power Africa Nigeria Power Sector Programme (PA-NPSP, USAID), has the objective of facilitating financing for off-grid electrification projects.
The investor matchmaking event provided a platform for potential investors to showcase their financial offerings to developers, outlining selection criteria and key terms. Moreover, it served as an essential networking and matchmaking forum, bringing together key investors and high-performing developers pre-evaluated by the Solar Power Naija (SPN) team in the power sector.
Mr. Bolaji Balogun, CEO of Chapel Hill Denham, expressed his delight about the collaboration, saying that it perfectly aligns with the company’s commitment to driving transformative solutions that positively impact the lives of Nigerians. He emphasized their dedication to delivering sustainable solar power projects that contribute to the nation’s economic growth and social well-being. “Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation,” Balogun said.
The collaboration between Chapel Hill Denham and the REA marks a landmark partnership in Nigeria’s quest to expand solar power access and accelerate economic development. Through their joint efforts, they aim to make significant strides toward achieving Nigeria’s energy access goals and driving positive change in the country’s power sector.
Chapel Hill Denham has made notable contributions to the climate finance space through its investment activities and advisory services, aimed at fostering a low-carbon economy. The firm has played a pivotal role in financing and supporting projects in the renewable energy sector, particularly through various financing solutions for off-grid developers. As a result, it has been recognized as one of the top 20 financiers of mini-grid developers worldwide by the Energy Sector Management Assistance Programme (ESMAP) of the World Bank.
Additionally, Chapel Hill Denham has actively funded infrastructure projects that promote climate resilience and sustainable development, leading approximately 80 percent of green bond issuances in Nigeria. By integrating sustainability principles and Environmental, Social, and Governance (ESG) considerations into its investment decisions, the firm actively drives positive environmental impact and advances the climate agenda.
The Solar Power Naija Programme, a critical component of Nigeria’s Economic Sustainability Plan (ESP), has a target of providing five million new solar connections in off-grid communities. The initiative is expected to generate an annual increase of N7 billion in tax revenues and contribute $10 million towards import substitution.
The programme’s objectives include expanding energy access to 25 million individuals through the provision of Solar Home Systems (SHS) or mini-grid connections, boosting local content in the off-grid solar value chain, and stimulating the growth of the local manufacturing and assembly industry. Furthermore, it aims to incentivize the creation of 250,000 new jobs in the energy sector.
About Chapel Hill Denham
Chapel Hill Denham is one of the most trusted names in African financial services and is the leading independent investment bank in Nigeria, a leading investment manager, and the leader in alternative asset management. The firm’s funds and strategy are primarily focused on areas accretive to Nigeria and Africa’s economic development including Infrastructure and Climate, Real Estate including Student Accommodation and Affordable Housing, Gender led SMEs, Venture, Creative, Healthcare, and Education.
Chapel Hill Denham is a leader in financing infrastructure and clean energy in Africa, with a solid track record of creating innovative, path-breaking investment and financing solutions. CHD seeks to lead Nigeria and Africa towards a more sustainable, prosperous future through its funds and investment banking work, accelerating the continent’s energy transition journey.
About Rural Electrification Agency (REA)
The Nigerian Rural Electrification Agency (REA) is the Implementing Agency of the Federal Government of Nigeria that facilitates the provision of affordable power supply for residential, commercial, industrial, and social activities in the rural and peri-urban areas of the country. REA’s goal is to encourage and promote private sector participation in rural development using the nation’s abundant renewable energy sources while ensuring that Government Agencies, cooperatives, and Communities, actively participate in enhancing electricity service delivery.
