Nigerian off-grid impact energy investing company, All On, has announced a postponement of all Q2 2020 interest payments on current interest-bearing investments.
This decision was taken in recognition of the continued economic impact of the COVID-19 pandemic and in line with the company’s mandate to accelerate the growth of the off-grid energy sector in Nigeria.
“As the world grapples with the threat of the disease, institutions are also struggling to stay alive. We recognise that our investee companies must first survive this downturn in order to sustainably meet their commercial commitments to us,” said investment manager, Afolabi Akinrogunde.
Beneficiaries of the moratorium include All On investees, spanning the spectrum of the off-grid clean energy value chain.
“We are answering the call from global leaders to put business strategy aside and act in the best interest of the sector. We can and are doing more to support our investees during this difficult time,” said All On CEO, Wiebe Boer.
Commenting on the debt payment postponement, Akinwumi Adesina, president, African Development Bank, said, “I am pleased to see that All On is taking my recommendation to avoid fiscal distancing seriously and has deferred debt payments for its investees across Nigeria. This is an example for other impact investors across Africa to follow.”
All On earlier announced the COVID-19 Solar Relief (CSR) Fund in March, which made available N180 million to four off-grid energy companies to provide solar power to emergency health facilities in cities around Nigeria, through various private sector initiatives. The four companies, Arnergy, Auxano, GVE, and Lumos, are All On investees. The first solar plant under the CSR Fund is already operational at the National Orthopedic Hospital in Igbobi, Lagos. The installation was completed by Auxano Solar under a partnership with FATE Foundation. Other deployments will be delivered over the next two weeks.
All On’s main objective is to contribute to addressing Nigeria’s access to energy gap through impact investing and the creation of an enabling environment for players in the off-grid sector to thrive.
Through the COVID19 Solar Relief (CSR) Fund, All On is contributing to interventions nationwide by providing a green power solution to aid in the containment and treatment of the virus, while also creating awareness of solar power for the development of the Nigerian economy.
All On, an impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge the significant energy gap.
ISAAC ANYAOGU
