InfoStride News reported that the Nigeria Sovereign Investment Authority (NSIA) has introduced the Renewables Investment Platform for Limitless Energy (RIPLE), a groundbreaking $500 million initiative dedicated to the comprehensive development, investment, and operation of renewable energy projects.
With RIPLE, NSIA aims to expand energy access, improve efficiency, and ensure energy security across Nigeria. The launch of this platform comes hand in hand with the execution of a strategic partnership agreement with the International Finance Corporation (IFC), a multilateral finance group, reflecting a joint commitment to advancing renewable energy projects in Nigeria.
The pilot phase of RIPLE is situated within the Tokarawa Industrial Hub in Kano State, focusing on establishing a generation and distribution system to meet the unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers, covering approximately 9,000 connections with a capacity of 70MW.
Mr. Yusuf Umar, Program Manager of RIPLE, expressed excitement about partnering with the IFC, emphasizing a shared commitment to sustainable development. He highlighted the goal of empowering customers with resilient and environmentally friendly energy solutions to optimize productivity and reduce carbon footprints.
Dan Croft, Regional Manager Africa at IFC, emphasized the critical role of reliable electricity in enhancing quality of life, productivity, and economic growth in Nigeria. He expressed IFC’s pleasure in collaborating with NSIA to implement the first phase of this innovative energy solution, designed to reduce greenhouse gas emissions and reliance on fossil fuels while ensuring a reliable power supply for commercial, residential, and industrial use.
Mr. Aminu Umar-Sadiq, MD & CEO of NSIA, underscored the significance of the collaboration with IFC as a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria. As the custodian of economic resources for current and future generations, NSIA recognizes the importance of addressing climate risks, viewing them as integral to its objectives. Umar-Sadiq highlighted RIPLE as another milestone initiative in the climate sustainability asset class, following the launch of Carbon Vista with Vitol and the Construction Finance Warehouse Facility.
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