The Nigerian Sovereign Investment Authority (NSIA) has inaugurated the Renewables Investment Platform for Limitless Energy (RIPLE), a $500 million initiative aimed at bolstering Nigeria’s renewable energy sector and advancing electricity accessibility.Thank you for reading this post, don't forget to subscribe!
In conjunction with this launch, NSIA formalized a Memorandum of Understanding with the International Finance Corporation (IFC) to collaboratively invest in key areas outlined by the platform, centered on diesel displacement, franchising, and backward integration towards Photovoltaic system (PV) manufacturing.
RIPLE, structured to address the entire value chain of renewable energy projects in Nigeria, is currently executing a pilot project within the Tokarawa Industrial Hub in Kano State. This venture entails establishing a generation and distribution system capable of meeting a substantial demand of 70 megawatts, serving industrial, commercial, and residential sectors through approximately 9,000 connections.
Aminu Umar-Sadiq, Managing Director of NSIA, highlighted the significance of RIPLE in advancing renewable energy investments, underscoring its potential to expand energy access, enhance efficiency, and ensure energy security. Umar-Sadiq also emphasized NSIA’s commitment to the climate sustainability asset class, citing the establishment of RIPLE as a pivotal addition to previous initiatives like Carbon Vista and the Construction Finance Warehouse Facility.
NSIA has initially allocated $25 million to RIPLE and aspires to attract additional investments to fulfill the $500 million funding required for the platform’s mandate. Umar-Sadiq expressed optimism about the substantial impact of co-developing and co-executing projects for the benefit of Nigeria and its citizens.
In the broader context of NSIA’s commitment to sustainability, the Managing Director disclosed that the authority has already invested around $100 million in various climate and sustainability projects, covering domains such as clean cooking and biodiversity. The approach involves strategic partnerships and demonstration projects to address infrastructure deficits and promote institutional preparedness.
Dan Croft, Regional Manager Africa at IFC, reiterated the corporation’s dedication to driving energy access, efficiency, and security with a climate-friendly approach. Croft expressed excitement about collaborating with NSIA on this innovative energy solution, emphasizing the positive impact it would have on reducing greenhouse gas emissions and fostering reliable power supply.
Yusuf Umar, NSIA’s program manager for RIPLE, outlined the platform’s objectives, including the expansion of energy access, enhancement of efficiency, and ensuring energy security. He highlighted RIPLE’s commitment to local upstream technology manufacturing, encompassing solar PV technology, green hydrogen, waste to energy, mini hydro, and wind projects in Nigeria.