22 Nigeria Energy Enterprises To Benefit $100,000 Each From All On, USADF
LAGOS MAY 21ST (NEWSRANGERS)-Shell funded Nigerian impact investor All On is pleased to announce that 22 wholly Nigerian owned enterprises have been shortlisted for the 2020 USADF – All OnNigeria Off-Grid Energy Challenge.
This third edition of the annual challenge, which is in partnership with the United States African Development Foundation (USADF),will provide $50,000 in grant capital and $50,000 in convertible debt to each of the selected energy enterprises that makes it through the rigorous due diligence process. A portion of the funding for theChallenge awards is part of the support provided to entrepreneurs in the energy access sector by the All On Hub, an initiative supported by the Rockefeller Foundation.In addition to funding, the winners will receive technical assistance from USADF and governance support from All On. The winnerswill be formally announced in Q4 2020.
“In spite of the negative economic impact of the COVID-19 pandemic, we remain committed to our mission to invest in off-grid energy solutions that will help bridge the significant energy gap in Nigeria,” said Sele Inegbedion, Manager, All On Hub.“It’s exciting to see that even during this crisis, there are Nigerian entrepreneurs developing innovative solutions to address Nigeria’s access to energy gap.”
The USADF provides seed capital and local project management assistance that helps improve lives and impact livelihoods while addressing some of Africa’s biggest challenges, such as energy poverty. The Covid-19 pandemic has illustrated how essential modern energy access is to healthcare, and how important it will be for economic recovery.
“We are proud to partner with All On for the third year to advance our off-grid and renewable energy efforts in Nigeria,” said Femi Adegbite, Off-Grid Energy Officer, USADF. “We are particularly pleased that despite the current crisis, innovation in the off-grid sector is thriving and this partnership continues to support Nigerian energy enterprises in growing their businesses and reconfiguring them as necessary to respond to COVID-19 challenges and opportunities.”
Caroline Eboumbou, Director for The Rockefeller Foundation’s Power Initiative sai, “Such times of crisis remind us how critical innovation is to providing vital solutions to global challenges.The Rockefeller Foundation is proud to support All On and invest in innovative entrepreneurs and businesses that can help address energy poverty by scaling Nigeria’s off-grid sector.”
The selected Nigerian enterprises are increasing sustainable energy access, specifically off-grid solutions, and extending the delivery of electrification to unserved and under-served communities in five of the six geopolitical zones –South South, North Central, North West, South West and South Eastzones in Nigeria. Cleanenergy technologies proposed include, but are not limited to, solar, hydro, wind, biomass, biogas, gas and hybrid systems. Electrification channels represented include solar home systems, mini-grids, power storage and cold storage.
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Posted by News Rangers
on May 21 2020. Filed under Business, National.
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