NSIA unveils N420bn renewable energy plan

The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of its $500 million (N420 billion) Renewables Investment Platform for Limitless Energy (RIPLE).

In a statement on Sunday, the management of the authority explained that the transformative initiative was dedicated to the development, investment and operation of renewable energy projects across the entire value chain.

The pilot for the initiative is located within the Tokarawa Industrial Hub in Kano State and it involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises and residential customers in an area covering about 9,000 connections, the NSIA said.

Speaking on the new development, Programme Manager of RIPLE, Mr Yusuf Umar, said the authority would partner with the International Finance Corporation to advance the transition to energy efficient solutions in Nigeria, an institution that shares its commitment to sustainable development.

Also, Regional Manager (Africa) at IFC, Dan Croft, said, “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria.