Latest news with #DistributedRenewableEnergy
Yahoo
21-04-2025
- Business
- Yahoo
Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users
Nigeria has achieved a 35% reduction in electricity subsidies after last year's tariff increase for certain consumers, as announced by Power Minister Adebayo Adelabu, reported Reuters. The country, which is Africa's most populous, has been grappling with a power sector plagued by an unreliable grid, gas shortages, and financial challenges. Nigeria was previously allocating nearly N200bn ($125.01m) monthly to electricity subsidies due to non-commercially viable tariffs. The government's decision to remove subsidies for the top 15% of electricity consumers, encompassing both households and businesses with high consumption rates, has led to a substantial financial turnaround. During a press briefing in Abuja, Adelabu highlighted the positive impact of the targeted tariff adjustment with "the market generating an additional N700bn in revenue, reflecting a 70% increase.' This strategic move has not only alleviated the financial burden on the state but also contributed to improved power generation and a reduction in the government's tariff shortfall from N3tn to N1.9tn. Despite these advancements, Nigeria's power sector continues to face significant challenges. With an installed capacity of 13GW, the country often produces just one-third of this potential, leading to a heavy reliance on expensive alternative power sources. The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have recently introduced the $500m Distributed Renewable Energy (DRE) Nigeria Fund. The fund is designed to support the development and financing of DRE projects within Nigeria. It will concentrate on investments in mini-grids, solar home systems, commercial and industrial power solutions, embedded generation projects, and innovative energy storage technologies. The goal is to deliver more reliable and cost-effective power to Nigerian homes and businesses, furthering the country's journey towards energy sustainability. "Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-04-2025
- Business
- Yahoo
Government makes unprecedented $500 million move to jumpstart power supply: 'Game-changer'
According to an Innovation Village report, Nigeria may be heading toward a cleaner and brighter future. The Nigeria Sovereign Investment Authority (NSIA) is partnering with several sustainability-focused groups to launch the $500 million Distributed Renewable Energy (DRE) Nigeria Fund. This initiative aims to fund and expand Nigeria's distributed renewable energy projects through customized financial instruments, including investments from the private sector and domestic investments like funds from insurance companies and pensions. While Nigeria is rich in renewable energy resources, financial and regulatory hurdles have impeded development. Through the DRE Nigeria Fund, the NSIA and its collaborators hope to address these challenges and create a more sustainable financial ecosystem for clean energy projects in the country. Nigeria holds significant potential for clean energy solutions, yet over 85 million people in the country don't have access to electricity, according to the World Bank. The initiative will focus on investing in renewable energy projects like mini-grids, energy storage technologies, and solar home systems to make power more accessible and reliable for Nigerian residences and businesses. "With the DRE Nigeria Fund, we are creating a scalable model to attract global investments, drive industrial development, and enhance energy access for millions of Nigerians and Africans at large," said Aminu Umar-Sadiq, managing director and CEO of NSIA. The DRE Nigeria Fund is just the beginning. Similar country-specific funds are also expected to be established under the broader DRE Africa Platform. Inspired by the Nigeria fund, it aims to promote the growth of renewable energy projects in multiple nations across the African continent. The DRE Nigeria Fund and DRE Africa Platform both align with the global shift toward sustainable, resilient energy solutions. With the success of these initiatives, Nigeria is positioning itself as a leader in Africa's transition to clean energy. This can get the attention of global investors who see the long-term profitability of supporting sustainability-focused projects. What does this mean for investors? As the world transitions to a cleaner economy, more investment and growth opportunities for individual investors and the U.S. market emerge. Investors are already beginning to recognize the potential of clean energy and that sustainability-focused businesses are outperforming dirty fuel stocks in long-term growth. Despite past criticisms of ESG investing as greenwashing, clean energy solutions like this one show that the clean economy remains strong and financially smart. "This is a strong partnership with solid partners that can be a game-changer in accelerating investment in distributed renewable energy across Africa," said Africa50 CEO Alain Ebobisse, per Innovation Village. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Trade Arabia
16-03-2025
- Business
- Trade Arabia
Ignite Energy Access to set up global headquarters in Abu Dhabi
The Abu Dhabi Investment Office (ADIO) has signed a strategic agreement with Ignite Energy Access, a leading pan-African provider of the full range of Distributed Renewable Energy (DRE) solutions, to establish its global headquarters in the emirate, reported WAM. Under the multi-year agreement, ADIO will support Ignite Energy Access in scaling its operations and expanding its regional and global footprint while reinforcing Abu Dhabi's position as a global hub for clean energy innovation. Ignite Energy Access utilises a proprietary technology platform to develop, deploy and operate distributed solar solutions across sub-Saharan Africa, with a mission to connect 100 million people across the continent to clean, sustainable electricity by 2030. This partnership will enable Ignite to scale its operations across Africa — including solar home systems, solar-powered irrigation and hybrid solar inverters, and commercial and industrial (C&I) solar projects — while also expanding its solar-powered digital connectivity solutions to provide internet access to remote communities for the first time. As part of this collaboration, Ignite Energy Access will also introduce its advanced solar technologies and expertise to the UAE, where the company will deploy standalone off-grid solar projects for use in rural communities, sustainable farming and eco-friendly transportation and construction. Ignite's relocation is expected to generate over 200 high-skilled jobs in Abu Dhabi across technology, finance, and supply chain roles. Beyond job creation, the company has also committed to a comprehensive knowledge transfer programme, collaborating with leading Abu Dhabi-based universities to develop local expertise through internships, specialist training and industry partnerships. The company will also work with Abu Dhabi's broader renewable energy sector, building on previous engagements with leading organisations such as IRENA and Masdar to support the emirate's energy transition goals. Badr Al-Olama, Director-General of ADIO, said, "Through strategic partnerships and advanced technologies, Abu Dhabi continues to strengthen its role as a global hub for investments. Our collaboration with Ignite reinforces this vision, solidifying the emirate's position at the forefront of the energy transition. By fostering innovation, attracting pioneering companies and accelerating sustainable investment, we are developing a future-ready economy, capable of delivering transformative solutions to the world's most pressing challenges.' Yariv Cohen, CEO of Ignite Energy Access, commented, "Abu Dhabi's ecosystem provides unparalleled support for clean energy solutions at scale. With this move, we are not just establishing a headquarters but leveraging a world-class innovation platform to advance renewable energy deployment worldwide. We see strong alignment between Ignite's vision and Abu Dhabi's commitment to advancing net-zero strategies, fostering innovation, and creating long-term environmental impact.'
Zawya
14-03-2025
- Business
- Zawya
Ignite Energy Access to establish global headquarters in Abu Dhabi
ABU DHABI - The Abu Dhabi Investment Office (ADIO) has signed a strategic agreement with Ignite Energy Access, a leading pan-African provider of the full range of Distributed Renewable Energy (DRE) solutions, to establish its global headquarters in the emirate. Under the multi-year agreement, ADIO will support Ignite Energy Access in scaling its operations and expanding its regional and global footprint while reinforcing Abu Dhabi's position as a global hub for clean energy innovation. Ignite Energy Access utilises a proprietary technology platform to develop, deploy and operate distributed solar solutions across sub-Saharan Africa, with a mission to connect 100 million people across the continent to clean, sustainable electricity by 2030. This partnership will enable Ignite to scale its operations across Africa — including solar home systems, solar-powered irrigation and hybrid solar inverters, and commercial and industrial (C&I) solar projects — while also expanding its solar-powered digital connectivity solutions to provide internet access to remote communities for the first time. As part of this collaboration, Ignite Energy Access will also introduce its advanced solar technologies and expertise to the UAE, where the company will deploy standalone off-grid solar projects for use in rural communities, sustainable farming and eco-friendly transportation and construction. Ignite's relocation is expected to generate over 200 high-skilled jobs in Abu Dhabi across technology, finance, and supply chain roles. Beyond job creation, the company has also committed to a comprehensive knowledge transfer programme, collaborating with leading Abu Dhabi-based universities to develop local expertise through internships, specialist training and industry partnerships. The company will also work with Abu Dhabi's broader renewable energy sector, building on previous engagements with leading organisations such as IRENA and Masdar to support the emirate's energy transition goals. Badr Al-Olama, Director-General of ADIO, said, "Through strategic partnerships and advanced technologies, Abu Dhabi continues to strengthen its role as a global hub for investments. Our collaboration with Ignite reinforces this vision, solidifying the emirate's position at the forefront of the energy transition. By fostering innovation, attracting pioneering companies and accelerating sustainable investment, we are developing a future-ready economy, capable of delivering transformative solutions to the world's most pressing challenges.' Yariv Cohen, CEO of Ignite Energy Access, commented, "Abu Dhabi's ecosystem provides unparalleled support for clean energy solutions at scale. With this move, we are not just establishing a headquarters but leveraging a world-class innovation platform to advance renewable energy deployment worldwide. We see strong alignment between Ignite's vision and Abu Dhabi's commitment to advancing net-zero strategies, fostering innovation, and creating long-term environmental impact.'
Reuters
10-03-2025
- Business
- Reuters
Nigeria strikes $200 million deal to power rural areas with renewable mini grids
LAGOS, March 10 (Reuters) - Nigeria has agreed to $200 million deal with WeLight, a pan-African Distributed Renewable Energy (DRE) company to deploy hundreds of renewable mini grids, aimed at bringing reliable electricity to millions in rural communities and those surrounding urban centres. Africa's most populous country, seeking to increase its renewable energy share of its electricity mix from 22% to 50% and securing financing from private investments for this purpose, sees this deal as an important step in this regard. The project backed by the World Bank and the African Development Bank will develop and operate 400 mini grids and 50 MetroGrids across Nigeria's mostly rural areas to improve electricity access to an estimated 1.5 to 2 million people and boost local economies. WeLight, backed by major international players like Axian Group, Sagemcom, and Norfund said it signed on Monday a Memorandum of Understanding (MOU) with Nigeria's Rural Electrification Agency (REA), a government agency tasked with helping millions of Nigerians without electricity. 'This MOU not only represents a leap toward providing clean electricity to millions in Nigeria but also supports WeLight's ambition to become a truly pan-African company,' said Romain de Villeneuve, Chief Executive Officer of WeLight in a statement.
