All On Makes First Set of Investments in Nigeria’s Off-Grid Sector
All On, an independent impact investing company, has made its first set of transactions aimed at facilitating increased access to affordable, reliable and sustainable energy sources for low income households, SME’s, and communities in Nigeria, Business Day reports.
Seeded with funding from Shell, All On works with partners to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria, with a special focus on the Niger Delta. The initial investments include an equity investment in Lumos Global BV, the fastest growing “distributed utility” in West Africa, and a grant to renowned Nigerian tech ideation incubator, Co-Creation Hub, to launch a challenge to engage Nigeria’s technology innovation ecosystem in the access to energy space.
All On has also entered into a grant agreement with Solar Nigeria, a UK Aid-funded project implemented by Adam Smith International, for the receipt of grant funding to further de-risk investments made by All On in the Solar Home System (SHS) space. The firm is also currently in the latter stages of negotiations for an equity and debt investment in Green Village Enterprises (GVE), the award-winning indigenous mini grid operator in Nigeria headquartered in Port Harcourt.
Source: Energy Mix Report