Nigerian Distributed Renewable Energy Fund Targets $500 Million
Nigeria and a United Nations agency have set a $500 million target for a fund to finance the roll out of so-called distributed renewable energy, such as solar home systems and mini-grids.
The fund backed by the Nigerian Sovereign Investment Authority and the UN's Sustainable Energy For All organization, known as SEforALL, will be managed by Africa50, an infrastructure investor established by the African Development Bank. Nigerian pension funds will also invest, according to Damilola Ogunbiyi, SEforALL's chief executive officer.
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