Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
REPP 2, a fund managed by Camco, a London-based climate and impact fund manager, has provided a senior debt facility to Nigerian company Prado Power to build and run five solar mini-grids with battery storage. The loan was made through a special purpose vehicle (SPV). However, the amount was not disclosed.
The projects are in Benue and Nasarawa States, in northern Nigeria. Together, they will have 1.84MWp of solar PV and 5.2MWh of battery storage. They aim to serve more than 12,000 households and micro, small and medium-sized enterprises (MSMEs).
Many of the connections will be first-time access to electricity. The mini-grids will also replace diesel generation in off-grid communities, avoiding more than 1,100 tonnes of CO2 emissions a year.
Washima Mede, CEO of Prado Power, said, “The partnership is a significant step in showing how clean energy can be deployed alongside productive-use infrastructure. This can bring wider social and economic benefits to underserved communities in Nigeria.”
Prado Power develops solar mini-grids in Nigeria. It is working with Farm Warehouse on a pilot in Benue State that gives women access to productive-use equipment. The pilot combines mini-grid power with agricultural services, equipment, microcredit and insurance.
“Financing Prado Power’s mini-grid expansion demonstrates Camco’s commitment to investing in the businesses building Africa’s decentralised energy future. By combining clean energy access with productive agricultural use, this project delivers exactly the kind of integrated, climate-positive impact that REPP 2 was designed to support,” said Alfred K., Investment Manager at Camco.
Camco is a fund manager focused on climate and sustainability, helping emerging markets transition to a net zero future. REPP 2 is a blended finance fund managed by Camco.
It invests in distributed renewable energy projects across Sub-Saharan Africa. Its backers are the Green Climate Fund, Norfund, FMO Investment Management, BIO (the Belgian Investment Company for Developing Countries), Ceniarth and OeEB (the Development Bank of Austria).
The debt will fund the construction and operation of the five mini-grids. The construction is also supported by the World Bank Group’s DARES performance-based subsidy programme, which is facilitated by the Rural Electrification Agency of Nigeria.
