KEY POINTS
- Nigeria signs a $200M renewable energy deal to expand rural access.
- WeLight will deploy mini-grids to provide clean electricity.
- Nigeria aims to increase renewable energy share to 50% by 2030.
In order to increase the availability of electricity in rural and peri-urban areas, Nigeria has inked a $200 million deal with WeLight, a pan-African distributed renewable energy (DRE) company, to install hundreds of mini-grids.
Nigeria signs $200M deal to boost renewable energy access
According to Reuters, The agreement is a component of Nigeria’s larger initiatives to enhance electricity reliability in neglected areas and shift to a greener energy mix. Nigeria is currently among the world’s most energy-deficient countries, with over 85 million people living without access to electricity. Private sector investments are essential to reaching the government’s goal of increasing the proportion of renewable energy in its electricity mix from 22% to 50% by 2030.
The partnership with WeLight is a major step forward in this endeavor, according to officials. Millions of people should have reliable electricity thanks to the mini-grid project, which will also increase economic activity and raise living standards in rural areas.
In a statement, WeLight CEO Romain de Villeneuve said, “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.”
Private investment drives Nigeria’s energy transition efforts
WeLight specializes in decentralized energy systems that deliver dependable power to off-grid and weak-grid regions. The company has already implemented sustainable energy solutions in nations like Madagascar and Mali. Nigeria is a major market for the company’s growth because of its pressing need for upgrades to its electrical infrastructure.
Nigeria’s dedication to renewable energy is consistent with its more general economic and environmental objectives, such as lowering carbon emissions and dependency on fossil fuels. To support its ambitious energy transition program, the government is still looking for foreign investments and collaborations.
