Nigeria has entered into a $200 million agreement with WeLight, a pan-African Distributed Renewable Energy (DRE) company, to install hundreds of renewable mini-grids aimed at delivering reliable electricity to millions in rural and peri-urban areas.
This initiative is part of Nigeria’s strategy to increase the share of renewable energy in its electricity mix from 22% to 50%, leveraging private investment to achieve this goal.
Supported by the World Bank and the African Development Bank, the project will involve the development and operation of 400 mini-grids and 50 MetroGrids, enhancing electricity access for an estimated 1.5 to 2 million people and stimulating local economies.
The deal signifies a significant step forward facilitated by a Memorandum of Understanding (MOU) signed with Nigeria’s Rural Electrification Agency (REA).
This collaboration also supports WeLight’s broader objective of establishing itself as a key pan-African energy provider.
Nigeria’s Rural Electrification Agency and WeLight, which is backed by significant international organisations like Axian Group, Sagemcom, and Norfund, signed a Memorandum of Understanding on Monday.
This government organisation is in charge of assisting millions of Nigerians who do not currently have access to power.
