{"id":8861,"date":"2026-01-26T12:26:24","date_gmt":"2026-01-26T12:26:24","guid":{"rendered":"https:\/\/infracredit.ng\/climate-facility\/?p=8861"},"modified":"2026-01-27T15:13:50","modified_gmt":"2026-01-27T15:13:50","slug":"climate-finance-blending-facility-supports-local-currency-financing-for-first-electrics-off-grid-energy-project-in-nigeria","status":"publish","type":"post","link":"https:\/\/infracredit.ng\/climate-facility\/climate-finance-blending-facility-supports-local-currency-financing-for-first-electrics-off-grid-energy-project-in-nigeria\/","title":{"rendered":"CLIMATE FINANCE BLENDING FACILITY SUPPORTS LOCAL CURRENCY FINANCING FOR FIRST ELECTRIC\u2019S OFF-GRID ENERGY PROJECT IN NIGERIA"},"content":{"rendered":"

The Climate Finance Blending Facility (CFBF), a catalytic first-loss, multi-donor co-financing facility for off-grid clean energy projects in Nigeria, has enabled the mobilisation of long-term, local currency financing for First Electric Power and Automation Services Limited\u2019s off-grid energy project across Gombe, Nasarawa, and Ondo States. This marks the sixth transaction supported through the Facility and the first mesh-grid infrastructure project financed under the CFBF.<\/p>\n

The transaction will support the construction and commissioning of 20 mesh-grid electricity networks with a combined installed capacity of 724.8 kWp across underserved communities in the three states. Once operational, the project is expected to electrify approximately 5,156 households and small businesses, create an estimated 616 jobs, and avoid 762 tonnes of CO\u2082 emissions annually. The project contributes directly to Nigeria\u2019s universal electrification agenda and supports the achievement of Sustainable Development Goal 7 (Affordable and Clean Energy).<\/p>\n

This milestone builds on the momentum of earlier projects financed through the CFBF, which has deployed approximately \u20a612 billion across five developers \u2014 Darway, Hotspot, ACOB, Prado, and CEESOLAR. Collectively, these projects have reached more than 28,000 beneficiaries, created over 2,900 jobs, and installed approximately 1.8 MW of off-grid solar capacity. The Facility has now enabled a mandated pipeline of approximately \u20a6243.31 billion across 23 developers seeking financing, demonstrating its catalytic role in mobilising additional capital for climate-aligned infrastructure and expanding distributed renewable energy (DRE) access nationwide.<\/p>\n

The First Electric transaction also benefitted from InfraCredit\u2019s Construction Finance Warehouse Facility (CFWF) \u2014 a short-term bridge financing instrument funded by the Nigeria Sovereign Investment Authority (NSIA). The CFWF provided construction-period liquidity ahead of long-term refinancing supported by InfraCredit\u2019s guarantees. The combined application of the NSIA-funded CFWF and the FCDO-funded CFBF illustrates an integrated blended finance approach to addressing both early-stage liquidity constraints and long-term financing barriers for sustainable infrastructure projects.<\/p>\n

The CFBF, managed by InfraCredit, combines subordinated first-loss capital from FCDO and other development partners with technical assistance from FSD Africa and InfraCredit\u2019s \u2018AAA\u2019-rated local currency guarantees to de-risk projects and mobilise long-term domestic institutional capital from pension funds and insurance companies for distributed renewable energy investments across Nigeria.<\/p>\n

Mr. Jonny Baxter, UK Deputy High Commissioner in Lagos, said:<\/b><\/p>\n

\u201cThe Climate Finance Blending Facility (CFBF), managed by InfraCredit and co-funded by the UK, continues to demonstrate its position as a pioneering investor for power sector solutions. This transaction marks the Facility’s first investment in innovative mesh grid projects, designed to lower the cost of distributed renewable energy solutions for rural and remote communities. It reflects the Facility\u2019s commitment to fostering innovative solutions for Nigeria\u2019s energy access deficit, while simultaneously mobilising domestic institutional investors and strengthening local capital markets, which are critical to closing the financing gap for the power sector.\u201d<\/i><\/p>\n

Mr. Chinua Azubike, Chief Executive Officer of InfraCredit, said:<\/b><\/p>\n

\u201cOur guarantee of First Electric under the Climate Finance Blending Facility marks the Facility\u2019s first investment in mesh-grid infrastructure and underscores the scale and maturity the platform has now achieved in financing distributed renewable energy in Nigeria. With this sixth transaction, the Facility\u2019s portfolio is expected to deliver electricity access to nearly 36,000 households and businesses, create over 4,000 jobs, and avoid more than 3,300 tonnes of carbon emissions annually across rural and underserved communities.<\/i><\/p>\n

By combining concessional first-loss capital, bridge construction finance, and InfraCredit\u2019s investment-grade guarantees, we are systematically closing long-standing financing gaps and enabling clean energy projects to reach financial close and scale sustainably within Nigeria\u2019s domestic capital markets.\u201d<\/i><\/p>\n

Mr.\u00a0Daniel Komolafe, Chief Executive Officer of\u00a0First Electric Power and Automation Services\u00a0Limited, said:\u00a0<\/b><\/p>\n

\u201cThis milestone reflects First Electric\u2019s commitment to bridging Nigeria\u2019s energy gap through innovation and collaboration. With InfraCredit\u2019s support, we are demonstrating that clean energy solutions can be impactful, commercially viable, and sustainable. Every community we electrify helps power productivity, support women-led and small businesses, improve healthcare delivery, expand educational opportunities for children, and build a future where energy access drives meaningful social and economic impact.\u201d<\/i><\/p>\n

Mr.\u00a0Olamide Niyi-Afuye , Chief Executive Officer of AMDA, said:\u00a0<\/b><\/p>\n

“This transaction demonstrates the transformative power of strategic partnerships in advancing energy access. As a valued AMDA member, First Electric\u2019s collaboration with InfraCredit showcases a financing model that can unlock domestic capital and accelerate Distributed Renewable Energy (DRE) across Africa. By combining first-loss capital with local currency guarantees, we create a pathway for developers to scale and deliver reliable energy to millions. This approach is more than a success story; it\u2019s a blueprint for universal energy access. Together, we can replicate this model and close Africa\u2019s energy gap.”<\/i><\/p>\n

The project is registered under the World Bank\u2019s Distributed Access through Renewable Energy Scale-up (DARES) Performance-Based Grant Programme, administered by the Rural Electrification Agency (REA). InfraCredit and the REA signed a Memorandum of Understanding in August 2022 to collaborate on eliminating long-term financing bottlenecks for off-grid operators through credit enhancement and access to local currency financing.<\/p>\n

This transaction also aligns with the Climate Finance Blending Facility\u2019s objective of expanding access to long-term domestic capital for African-owned distributed renewable energy developers, including through its support for the partnership between InfraCredit and the Africa Minigrid Developers Association (AMDA). As an active AMDA member, First Electric is among the developers benefiting from this collaboration, which is designed to address persistent financing gaps in the minigrid and distributed renewable energy (DRE) sector by deploying blended finance and credit enhancement structures that improve project bankability and scalability.<\/p>\n

Technical, legal, environmental, and social due diligence costs associated with the transaction were supported by FSD Africa under a Technical Assistance Agreement with InfraCredit, aimed at reducing first-time issuer barriers and accelerating access to climate-aligned local currency debt.<\/p>\n

About the Climate Finance Blending Facility (CFBF)<\/b><\/p>\n

The Climate Finance Blending Facility is a catalytic financing platform capitalised with US$21.3 million in concessional funding from the UK Foreign, Commonwealth & Development Office (FCDO) and British International Investment (BII). The Facility mobilises additional capital from development partners and domestic institutional investors by providing first-loss risk sharing alongside InfraCredit\u2019s local currency guarantees, supporting the scale-up of off-grid clean energy investments in Nigeria.<\/p>\n

About\u00a0First Electric<\/strong><\/p>\n

First Electric<\/strong>\u00a0(www.firstelectricco.com<\/a>)\u00a0is a Nigerian renewable energy company incorporated in 2019, focused on the development and operation of decentralized electricity infrastructure. The Company designs, develops, and operates mesh-grids and microgrids, alongside Stand-Alone Solar Systems (SASS), serving rural communities and peri-urban commercial customers across Nigeria.<\/p>\n

To date, First Electric operates approximately 250 active Energy-as-a-Service (EaaS) connections across Lagos, Abuja, and Ondo States, and has supplied and installed solar solutions with a cumulative capacity of approximately 800 kWp. Through its portfolio of mesh-grids and microgrids, the Company delivers reliable electricity, manages long-term operations, and oversees metering, billing, and revenue collection for end users.<\/p>\n

About InfraCredit<\/strong><\/p>\n

InfraCredit (www.infracredit.ng<\/a>) was established in 2017 as a first-of-its-kind \u2018AAA\u2019(NG) rated specialised local currency infrastructure credit guarantee institution, created to support long-term local currency infrastructure financing in Nigeria. InfraCredit’s guarantees enhance the credit quality of local currency debt instruments issued to finance eligible infrastructure-related assets. Its guarantees serve as a catalyst to attract long-term domestic institutional capital from pension funds, insurance firms, and other investors, thereby deepening Nigeria\u2019s debt capital markets. InfraCredit\u2019s investors include the Nigeria Sovereign Investment Authority, UK Foreign, Commonwealth & Development Office (through\u00a0PIDG), KfW Development Bank, Africa Finance Corporation, and African Development Bank, alongside domestic pension funds and insurance firms. As at April 2025, InfraCredit was listed as a public company and admitted to trading on the NASD. It maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co., Global Credit Ratings, and international rating agency, Fitch Ratings.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Climate Finance Blending Facility (CFBF), a catalytic first-loss, multi-donor co-financing facility for off-grid clean energy projects in Nigeria, has enabled the mobilisation of long-term, local currency financing for First Electric Power and Automation Services Limited\u2019s off-grid energy project across Gombe, Nasarawa, and Ondo 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