December 12, 2017

Off-Grid Power Supply: USADF, All On announce $3m partnership

Off-Grid Power Supply: USADF, All On announce $3m partnership

By Gabriel Ewepu

THE U.S. African Development Foundation, USADF, and All On have announced a $3 million partnership with the goal of expanding access to energy for underserved and unserved markets in Nigeria.

This was disclosed during the signing of the agreement by both organisations, where it was agreed they will jointly fund 30 Nigerian small and medium enterprises to provide energy and enable consumers access it through off grid solutions such as solar, wind, hydro, biomass and gas technologies for three years.

According to the agreement USADF will provide grant funding to the selected companies, while All On will provide an equal amount of impact capital in the form of convertible loans and equity.

The partnership also forms part of investments in order to bring solutions to cover the gap in the Nigerian energy sector.

Speaking at the event, President and Chief Executive Officer, USADF, C.D Glinn, expressed optimism that the partnership with All On will tackle energy challenges in Nigeria as the gap will be significantly closed.

He said:”We are proud to partner with All One to find sustainable solutions to the significant energy gap in Nigeria. It is through such collaborative partnerships that we can transform local energy access, identify unexplored opportunities and bring affordable energy sources to those who need it most.

The Chief Executive Officer, All On, Wieber Boer said the partnership serves as innovative approach to solving the energy problem in Nigeria.”

According to him, “This partnership with USADF to provide blended capital for Nigerian owned off grid energy companies is an innovative approach towards investing in Nigeria solutions in the country’s energy gap.

We look forward to working with USADF to invest and support the growth of Nigeria’s future off grid sector leaders”, Boer said.