IFC, Canada Invest $5M to Expand Solar Mini-Grids in Rural Nigeria

Global development institution the International Finance Corporation (IFC) has announced a $5 million investment in Husk Power Energy Systems Nigeria (Husk Nigeria) to expand solar hybrid mini-grids in rural Nigeria.

With support from the Canadian government, the financing will enable Husk Nigeria to develop and operate up to 108 mini-grid sites, targeting around 28,750 new electricity connections and reaching approximately 115,000 individuals and businesses.

“Adding 108 new communities to our mini-grid portfolio with IFC support is an important step toward our goal of deploying at least 250 MW of decentralized renewable energy projects in Nigeria,” stated Olu Aruike, Country Director, Husk Nigeria.

The IFC’s contribution includes a $2.5 million senior loan and a $2.5 million concessional subordinated loan through the Canada-IFC Renewable Energy Programme for Africa.

The total project cost is estimated at $25 million.

This investment falls under the IFC’s Distributed Access through Renewable Energy Scale-up Platform – a $200 million debt facility approved in November 2024 to promote private sector solutions in West and Central Africa.