The United Kingdom, Africa Enterprise Challenge Fund has approved £16 million; that’s about 7 Billion Naira to support deployment of solar power to small businesses in Nigeria and four other African countries.
This is expected to come through the challenge fund Renewable Energy and Adaptation to Climate Technology Household Solar Round Two Competition .
The funds would provide a mix of interest free loans, repayable grants and technical assistance to private sector operators in the solar business.
Apart from Nigeria, solar power operators in Ethiopia, Ghana, Senegal and Somalia, would have access to funds if they meet the requirements .
The Chief Executive Officer, A.E.C.F, Daniel Ohonde said Renewables provide 18 per cent of Africa’s current power generating capacity, and off grid alternatives could create more opportunities and transform millions of lives.