The Nigeria Sovereign Investment Authority (NSIA) and its partners on Monday, September 21, launched a $300 million Nigeria Distributed Renewable Energy (DRE) fund to accelerate private-sector investment in renewable energy and expand electricity access to underserved communities and businesses.
NSIA, Sustainable Energy for All (SEforALL), and Africa50, an infrastructure investment platform founded by the African Development Bank (AfDB) and African states, announced the commercial launch on the sidelines of the United Nations General Assembly (UNGA) in New York.
According to the statement by the partners, the launch marks the transition of the fund from structuring to active capital deployment.
The fund, the statement added, is designed to mobilise capital for distributed renewable energy solutions, including mini-grids and standalone solar systems, particularly for communities and businesses underserved by traditional energy infrastructure.
“It also supports Mission 300, the ambitious effort to connect 300 million people across Africa to electricity by 2030,” the statement read.
Aminu Umar-Sadiq, managing director and chief executive officer of NSIA, said the launch signalled that Nigeria’s distributed renewable energy market was ready for investment at scale.
Umar-Sadiq said the fund’s operationalisation comes at a critical time as distributed renewable energy solutions become increasingly important to closing energy-access gaps, supporting economic activity, and strengthening energy security.
Alain Ebobissé, group Chief Executive Officer (CEO) of Africa50, said the strength of the partnership was a key feature of the fund, bringing together local market expertise, pan-African investment capabilities, energy-access expertise, and development financing.
“Together, we are turning Nigeria’s energy needs into investable opportunities and building a model that can scale across Africa,” he said.
Damilola Ogunbiyi, CEO and special representative of the UN secretary-general for Sustainable Energy for All, said the launch would support Nigeria’s electricity-access ambitions and the objectives of Mission 300.
“By creating a dedicated financing mechanism to scale distributed renewable energy, Nigeria is demonstrating how country-led action can translate Mission 300’s ambition into concrete investment and connections,” she said.
Ashish Khanna, director-general of the International Solar Alliance (ISA), described the fund as a landmark financing model for expanding private-sector-led distributed renewable energy across Africa.
“As the first country-level demonstration linked to a continental financing platform, given the ambition and scale in Nigeria, it shows how innovative financial structures can mobilize capital more efficiently, support local market development and accelerate progress towards universal energy access,” he said.
Anna Bjerde, managing director of operations at the World Bank Group, said reliable and affordable energy was necessary for job creation and economic transformation across Africa.
“The World Bank is proud to be a founding partner, and our initial $25 million IDA contribution reflects our commitment to bridging funding sources and delivering real connections to people and communities across the continent,” she said.
The fund is intended to serve as a model for other countries while supporting the development of African distributed renewable energy companies.
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