Konexa Secures $3.6M for Nigeria Renewables Deployment

Energy developer Konexa has signed a development funding agreement with climate-focused investment firms Climate Fund Managers (CFM) and Norfund to support renewable energy expansion in Nigeria.

The partners will jointly invest $3.6 million to support the rollout of a 50 MW solar PV facility and new grid infrastructure.  The solar plant and grid infrastructure will power two sites operated by Nigerian Breweries in Lagos and Enugu State.

As part of the agreement, CFM’s EU-backed blended finance facility Climate Investor One will contribute 50% of the funding while Konexa and Norfund will contribute 35% each.

The $3.6 million in investment is expected to unlock an additional $80 million in funding at the construction stage, scheduled for the second half of 2025.