BII, Odyssey Launch $7.5m Facility To Accelerate Mini-grid Deployment

British International Investment (BII) and Odyssey Energy Solutions, a exertion institution accelerating distributed vigor successful emerging markets, person launched a caller $7.5 cardinal financing installation to fast-track the deployment of energy mini-grids for families and businesses crossed Nigeria.

This caller installation comes astatine a captious time, arsenic Nigeria ramps up its mini-grid ambitions nether the Distributed Access done Renewable Energy Scale-Up (DARES) program, backed by the World Bank. With DARES endeavouring to amended vigor entree for 17.5 cardinal Nigerians, the request for streamlined procurement and innovative financing is much urgent than ever.

The caller installation has the imaginable to standard up to conscionable the request generated by the DARES programme by partnering with a increasing web of qualified developers and suppliers to accelerate task execution and trim clip to electrification.

The lawman precocious commissioner, British High Commission Lagos, Jonny Baxter, said, “British International Investment (BII) has demonstrated its assurance successful Nigeria’s cleanable vigor assemblage done its strategical investments.

“This signals that opportunities for the backstage assemblage to thrust guardant the renewable vigor gyration successful Nigeria and crossed Africa are growing.”

“UK concern is playing a pivotal role- helping to unlock greenish maturation and found Britain arsenic a credible planetary spouse connected clime enactment successful enactment with our Enhanced Trade and Investment Partnership (ETIP) with Nigeria,” helium said.

The West Africa determination manager astatine BII, Benson Adenuga, said, “About 90 cardinal radical successful Nigeria bash not person entree to electricity. Mini-Grids powered by cleanable and affordable vigor sources are captious successful rapidly reducing that number. I americium delighted that BII is partnering with Odyssey to accelerate the improvement of specified projects.”

The co-founder and managing manager of Odyssey Energy Solutions, Piyush Mathur, noted that “BII has demonstrated a progressive and applicable attack to unlocking financing challenges successful distributed energy.

“Their enactment allows america to connection flexible, affordable financing options that conscionable developers wherever they are, truthful that we tin collectively accelerate electrification crossed Nigeria.”

With implicit 3,000 installers and implicit $3 cardinal of disposable concern connected the platform, Odyssey Procurement is the latest summation to Odyssey’s end-to-end platform, built to accelerate the cleanable vigor modulation successful emerging markets rapidly. By integrating procurement, financing and monitoring into a azygous solution, Odyssey streamlines the star task lifecycle, enabling companies to standard much quickly, run efficiently, and present cleanable vigor faster.