To close the massive energy access gap in Nigeria, experts have called for continuous investment in the mini-grid sector, especially as renewable energy sources are predicted to power over 60 per cent of new energy access connections by 2030.
They noted that about 50 per cent of these connections would be realised through mini-grid systems, underpinned by new business models using digital and mobile technologies.
Specifically, All On Investment Manager, Afolabi Akinrogunde, said NXT Grid BV leveraging its technology tools and access to finance would go a long way to boost the sector.
“NXT Grid’s low cost mini-grid model offers a new way to scale mini-grids rapidly with multiple partners. We will be able to provide the market another alternative to lighting up thousands of households and small businesses across the country. We are excited about this investment.”
CEO, NXT Grid, Fabio De Pascale, stated that the investment would enable the company to grow its capacity for renting mini-grid assets to local developers, thereby accelerating the growth of the mini-grids sector in Nigeria.