United States African Development Foundation (USADF) and All On have announced a three-year partnership that will see both parties provide a $3million-fund to expand access to energy for underserved and unserved markets in Nigeria and boost operations of Nigerian owned off-grid energy companies, The Guardian reports.
Over the next 3 years, both parties will jointly provide funding for up to 30 Nigerian small and medium enterprises that improve energy access through off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies. USADF will provide grant funding to the selected companies while All On will provide an equal amount of impact capital in the form of convertible loans and/or equity.
The partnership, according to the chief executive officer of All On Wiebe Boer, will provide blended capital for Nigerian owned off-grid energy companies as a means of investing in Nigerian solutions to bridge the country’s energy gap. “We look forward to working with USADF to invest and support the growth of Nigeria’s future off-grid energy sector leaders,” he said.