• Monday, December 23, 2024
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All On, USADF renew $10m deal to expand off-grid energy in Nigeria

All On, USADF renew $10m deal to expand off-grid energy in Nigeria

All On and US African Development Foundation (USADF) have renewed their partnership to expand off-grid energy access in Nigeria, with a focus on underserved communities.

Building on the success of their collaboration from 2017 to 2022, the new initiative will see both organisations commit a combined $10 million over the next three years to support innovative, African-owned businesses providing sustainable energy solutions.

A signing ceremony was held in New York to commemorate the renewal, with Caroline Eboumbou, chief executive officer of All On, and Travis Adkins, USADF president and CEO, in attendance.

The event marked a key step in their mission to drive increased energy access and socio-economic development across Nigeria.

The renewed partnership, under the All On-USADF Nigeria Energy Challenge, aims to invest in off-grid energy companies to boost access to clean energy for low-income communities, while contributing to the localisation of the energy value chain.

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The initial cycle of the Challenge delivered $3.6 million in blended finance to 36 companies, resulting in over 100,000 connections and improving more than 500,000 lives through clean energy access.

Adkins emphasised the partnership’s significance, stating, “Our collaboration with All On has shown the transformative impact of off-grid energy solutions in rural and underserved regions of Nigeria. We are excited to continue this work, advancing clean energy technologies while addressing essential needs like health, education, gender inclusion, and economic empowerment.”

The new funding will target both existing grantees and new businesses, with USADF providing up to $250,000 in grant funding per project, and All On contributing up to $750,000 per recipient through various investment mechanisms to support Nigeria’s energy sector.

Eboumbou noted the program’s impact, saying, “We are thrilled to renew our partnership with USADF, which has already made a significant impact on energy access in Nigeria. By combining resources and expertise, we aim to empower more local businesses and communities with sustainable energy solutions, fostering economic growth and lasting development.”

The partnership will also focus on empowering women in energy, enhancing agricultural productivity, and promoting digital innovation.

It aims to address energy needs in healthcare and education, while also supporting the development of local manufacturing components, such as inverters and battery systems, to create a more sustainable energy ecosystem in Nigeria.

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