GET.invest Nigeria berths to mobilise investments in renewable energy

…majorly funds from European Union, Germany

In a significant step towards mobilising investment for Nigeria’s clean energy future, GET.invest has officially launched GET.invest Nigeria, established in October 2024 with funding from the European Union and Germany.

Financing for renewable energy does not happen at the scale and pace required, nor does it reach those who need it most.

This is a key barrier towards progress on the Sustainable Development Goals (SDGs). To address this challenge, GET.invest mobilises private investments in renewable energy by building a pipeline of bankable investment projects for financing initiatives.

GET.invest is an European programme that mobilises investment in renewable energy in developing countries. It has supported project and business developers in more than 45 countries.

To date, GET.invest has supported 537 project developers and companies out of which 210 projects have been taken up by financiers.

This represents a total projected investment volume of about 3.2 billion euros, with the potential to provide access to energy for 20.3 million people and reduce 5.6 Mt CO2 per year. A testimony to the growing maturity of renewable energy markets in partner countries is record 101 projects announced financial close.

Read also: Raenest secures $11m Series A investment in QED-led funding round

As part of the just transition and inclusion cluster of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), GET.invest Nigeria will work closely with other donor programmes in the country, such as the Nigerian Energy Support Programme (NESP).

Also, GET.invest Nigeria closely cooperates with other donor-funded programmes implemented in the country, in particular with the Nigerian Energy Support Programme (NESP) also co-funded by the European Union and implemented by GIZ.

With a population over 220 million, Nigeria faces significant energy challenges. Up to 90 million individuals currently lack access to reliable electricity. Out of 12.5 GW of installed generation capacity, only approximately 5 GW are available, leaving grid supply inadequate for the country’s growing population and economy.

Unreliable electricity causes annual economic losses of N7-10 trillion (~EUR 24.3 billion), equivalent to 5-7 percent of GDP, and impacts micro-, small-, and medium-sized enterprises (MSMEs) the most. To bridge the gap, businesses and households rely on petrol and diesel-powered generators, costing over four times the average grid tariff of EUR 0.12/kWh.

Immediate action is needed to deploy decentralised renewable energy (DRE) solutions, replacing generators and contributing to universal electrification goals. This requires 6.3 GW of DRE capacity by 2030, electrifying about 1.5 million households annually. Expanding transmission and distribution networks and upgrading centralised generation capacity to 42 GW by 2030 are also part of the concrete actions laid down by the Nigeria Energy Transition Plan.

The launch of GET.invest Nigeria on Tuesday, February 11 in Lagos brought together key stakeholders from the public and private sectors, development partners and investors to explore how GET.invest Nigeria will support the country’s energy transition and sustainable economic growth.

The launch featured remarks from government representatives and development partners, a keynote address, a presentation of GET.invest and the GET.invest Nigeria Country Window, and discussions on its different services, including the Finance Access Advisory, EDGE Finance and demand stimulation activities.

GET.invest Nigeria builds on the services of the broader programme to unlock financing for sustainable energy projects and companies, tailoring them to the national context. The launch of GET.invest Nigeria on Tuesday adds to the past (Burundi, Eswatini) and current (Lesotho, Mozambique) country windows.

By increasing the number of viable companies and projects and accelerating their progress, GET.invest contributes to climate and development objectives and drives access to clean, reliable, affordable energy for all.

Since 2022, GET.invest powers the Team Europe One Stop Shop for Green Energy Investments, an access point for information and has facilitated access to European support and financing instruments for energy projects and companies in Africa.

Together with its donors, GET.invest has established a series of country windows that allow the programme to focus on selected national sustainable energy markets. GET.invest receives additional funding for these in-country activities and implements them in close coordination with other national donor programmes.

While the country windows reflect the key services of GET.invest, they allow activities to be tailored to the needs of each national context and to specific market segments. Country windows aim to create a pipeline of investment-ready projects in the country and mobilise financing.

GET.invest Nigeria supports industry associations such as the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) and the Renewable Energy Association of Nigeria (REAN), based on the firm belief that industry associations drive market development, improving energy access and contributing to sustainable development in Nigeria and beyond.