Providing distributed renewable energy via solar hybrid mini grid solutions
Darway Coast Nigeria Limited is a renewable energy firm that specializes in the creation and management of mini-grids for serving off-the-grid and underserved homes and businesses in Nigeria.
Darway Coast Nigeria Limited (the “Company”) commenced operations in 2017 and launched its first mini grid project in 2019. The Company currently operates four mini grids (one purely commercial) with a cumulative capacity of 107.3kW serving 175 customers across three states – Lagos, Rivers and Imo States.
The Darway Coast Project is set to be the first pilot transaction under InfraCredit’s Clean Energy Funding Programme which seeks to aggregate, de-risk and support eligible clean energy projects in Nigeria to contribute towards meeting the country’s 90% electrification goal by 2030 and the SDG 7 target of ensuring access to affordable, reliable, sustainable, and modern energy for all.
Project Highlight
Darway Coast, through a special purpose vehicle, is looking to construct and operate isolated solar hybrid mini grids across six locations largely in the South-East and South-South region of the country (the “Project”). The Company has signed Power Purchase Agreements (“PPA”) with the various communities to provide power for a tenor of 20 years. The mini grids have a total solar PV capacity of 526 kWp with battery storage and diesel generators as a backup power source
800
Million Naira
Transaction Details
With InfraCredit’s guarantee, Darway Coast was able to access the domestic debt capital markets for the first time and raised NGN0.80 Billion 7-year Series 1 Guaranteed Bond
“On September 30, 2022, InfraFunding SPV Limited on behalf of Darway Coast Nigeria Limited (“Darway Coast”) issued an NGN 800 million 7-Year Series 1 Fixed Rate Guaranteed Senior Green Infrastructure Bonds Due in 2029 (“the Darway Coast Series 1 Bond”) under its NGN200 billion Debt Issuance Program. The bond is blended with NGN 800 million in first loss subordinated concessionary loan capital from the Foreign, Commonwealth, and Development Office (FCDO).
