Konexa Partners with Norfund and CFM to Scale Renewable Energy in Nigeria

Konexa, Climate Fund Managers, and Norfund have inked a Development Funding Agreement to enhance Nigeria's renewable energy infrastructure. Their collaboration aims to develop a solar PV plant and strengthen grid infrastructure to deliver renewable electricity to Nigerian Breweries Plc sites in Lagos and Enugu. The project plans to offset 30,000 tonnes of CO2 emissions annually, create 100 construction jobs, and provide 35 permanent roles. The investment from partners totals USD 3.6 million, with Climate Fund Managers contributing half, and Norfund and Konexa each contributing 25%. This project is poised to attract a further USD 80 million in investment for construction, anticipated by the latter half of 2025. The initiative mirrors Norfund's commitment to sustainable energy solutions in Nigeria, as articulated by Birgit Edlefsen, Senior VP of Renewable Energy at Norfund. Despite Nigeria's reliance on fossil fuels for electricity, the government’s Vision 30:30:30 aims to increase renewable energy capacity significantly by 2030.