A London-based renewable energy company, Konexa has secured over $80 million investments to develop Nigeria’s renewable energy and electricity grid infrastructure.
The investment, which is part of a Development Funding Agreement signed by Konexa, Climate Fund Managers (CFM) and Norfund will support Konexa’s renewable energy expansion in the West African nation.
In a statement issued by Konexa, the agreement will fund the construction of a 50MW solar PV plant to connect two Nigerian Breweries PLC production sites to renewable energy sources.
The projects will be located at Lagos and Enugu states, and will feature strengthened grid infrastructure.
“This agreement reflects years of collaboration and progress in building a bankable, scalable model for renewable energy in Nigeria, and replicating across other markets in Sub-Saharan Africa”, Pradeep Pursani, CEO of Konexa said.
“With this new funding, Konexa has secured over $100 million to scale our delivery. We can now take the next step in helping the commercial sector access reliable, affordable power, decarbonise and demonstrate how the private sector can help solve Nigeria’s power challenge”, Pursani said.
Konexa said the project is “a bold step toward decarbonising Nigeria’s commercial sector and strengthening local grid infrastructure to benefit wider communities”.
The partners will jointly invest an initial $3.6 million, with 50% coming from CFM’s EU-supported blended finance facility, Climate Investor One. Norfund and Konexa will each contribute 25%.
“Together, these commitments are expected to unlock approximately $80 million in further investments for construction at financial close, expected in the second half of 2025”, Konexa said.
The project is expected to offset over 30,000 tonnes of carbon emission annually and will create more than 135 jobs in the energy sector.
Speaking on the agreement, Birgit Edlefsen, the Senior Vice President for Renewable Energy at Norfund said “This partnership reflects Norfund’s commitment to scale renewable energy infrastructure in Nigeria and to contribute to long-term social, environmental and economic impact.
“We see Konexa’s business model as an innovative and impactful solution, addressing the country’s power sector challenges”, Edlefsen said.
The project stands as a step towards achieving Nigeria’s goal of generating 30% of its electricity from renewable energy sources by 2030.
