Providing distributed renewable energy via solar hybrid mini grid solutions

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DARWAY COAST NIGERIA LIMITED

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

Development of six solar mini-grids with a combined capacity of 526.1 kWp extends access to clean, off-grid electricity in previously unserved or underserved communities, replacing polluting energy sources with reliable renewable alternatives.
Deployment and operation of the mini-grids supports 535 jobs while improving energy access for small enterprises and public institutions. Affordable electricity boosts local commerce, improves service reliability, and promotes long-term economic activity.
Through the deployment of decentralized solar mini-grids, the project strengthens resilient energy infrastructure and unlocks local productivity and sustainable economic activity in underserved communities
Use of solar energy in place of fossil-fuel generators reduces greenhouse gas emissions and contributes to cleaner air quality. The project promotes low-carbon development through renewable energy deployment in off-grid regions.
27072, 27075, 27074, 27073

Transaction Details

With InfraCredit’s guarantee, Darway Coast accessed the domestic debt capital markets for the first time and issued an NGN 800 million 7-Year Series 1 Fixed Rate Guaranteed Senior Green Infrastructure 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).

Issue Date 30th September 2022
Obligor Darway Coast Nigeria Limited
Principal Amount Outstanding (NGN) 800,000,000
Sector Renewable Energy
Tenor 7 years
Location of Operation South South and South-East, Nigeria
Asset Size/Capacity 526.1KW

Investor Distribution

Development Impact

Project Videos

For over 15 years, Emeka’s battery-charging business relied on noisy, expensive generators.

Today, thanks to Darway Coast’s solar mini-grid, he powers his business with clean, reliable energy, serving more customers and growing sustainably.

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With the support of Darway Coast’s solar mini-grid, Felicia Adindu’s daily business operations in Akpoku community, Rivers State, have become more productive and less costly.

Access to clean, reliable power is not just lighting homes, it’s helping small businesses grow, improving livelihoods, and creating ripple effects of opportunity in underserved communities.

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With support from the Climate Finance Blending Facility, Darway Coast’s solar mini-grids are delivering clean energy to previously underserved communities.

For small business owners, it means lower costs, better productivity, and more time for home and work. This is the real impact of sustainable infrastructure, reducing burdens and powering opportunity.

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Access to solar energy has made water access more affordable and reliable in Eleuma. With Darway Coast’s mini-grids, supported by the Climate Finance Blending Facility,

this resident can now pump water multiple times from a single solar recharge—improving daily life for his household and neighbours.

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