Blessing Ibunge in Port Harcourt
As part of its efforts to bridge the electricity Access gap in Nigeria, a renewable energy firm, All On has invested $5 million in the ongoing PowerGen Renewable Energy Nigeria Limited (PowerGen).
The investment, the company said, came through a mezzanine investment to support the development of isolated and interconnected mini-grid projects serving households, commercial and industrial customers across Nigeria.
The Chief Executive Officer (CEO) of All On, Caroline Eboumbou, said the investment in renewable energy will effectively closes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA) and InfraCo.
She said that PowerGen’s experience in Nigeria includes the development of interconnected renewable energy infrastructure, including the Toto Community Mini Grid Project in Nasarawa State, which has became Nigeria’s first interconnected hybrid solar mini-grid.
According to her, the company’s growing portfolio positions it to deploy both standalone and grid-connected renewable energy solutions across different customer and market segments.
She said the investment is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries, alongside up to 9 MW of generation capacity and 17 MW + MWh of combined energy impact.
The CEO of PowerGen, Aaron Cheng, said the investment reinforces All On’s commitment to supporting Nigerian energy companies with the experience, technical capabilities and scalable business models needed to expand reliable electricity access in underserved and unserved communities, while supporting households and businesses that depend on dependable power to operate and grow.