Inclusive access to critical infrastructure for (SMEs) in Nigeria.
InfraCredit is committed to supporting clean energy transition that drives economic growth, enable job creation, and improve the quality of people’s lives by facilitating inclusive access to critical infrastructure for local small business enterprises (SMEs) in Nigeria.
In December 2017, InfraCredit’s maiden guarantee mobilized long-term local currency investment from 16 institutional investors which enabled Viathan to efficiently execute its capacity expansion plan in captive power generation.
Viathan Engineering Limited and Solad Integrated Power Solutions Limited executed a Power Purchase Agreement for Viathan to supply 1.5MW of power through an extension of its distribution network from Marina Power Plant to the Sura Shopping Complex in Lagos Island, Nigeria. The Complex currently host 1047 diverse business owners benefitting from the 24-hour constant power supply consuming 4500 kWh (kilowatts-hour) of power daily, which has displaced the use of 512 diesel/petrol powered generators resulting to 11,310 tCO2e net greenhouse gas (GHG) emissions avoidance since 2018. This has significantly reduced air and noise pollution within the complex.
Meet Bunmi Anne Ajayi, a garment producer within the Sura Shopping Complex, who shared her story with us.
“When I moved in here (Sura Complex), the electricity supply was quite bad. I remember in 2016, the shopping complex light source was disconnected and there was no light for close to three (3) months. I thought of closing my business due to the high cost of buying diesel and servicing my generator.”
“When I started having access to 24-hour electricity supply from 2018, my cost of production went down significantly by 67%. Based on the cost savings, I purchased nine (9) sewing machines, increased welfare scheme for 50 staff (mostly female), improved the delivery of professional, corporate, and school uniforms to my customers on time.”
“I am really grateful for the power services provided by Solad, which has given me and other shop owners in Sura complex the opportunity to access affordable and constant electricity.”
