By Prince Okafor
The U.S. African Development Foundation (USADF) and All On have officially opened the application window for the 2019 Nigeria Off-Grid Energy Challenge.
The 2019 application window opens on February 1st and closes on March 15th, 2019, will provide up to $100,000 in blended finance per enterprise for the successful applicants.
The recipients of the 2018 Off-Grid Energy Challenge were Prado Power Ltd, Darway Coast, Auxano, Eastwind, Alyx, Creeds Energy and IKabin.
Mr. Augustine Ureh, C.O.O of Darway Coast, said that the Impact of the All-On/USADF grant has been tremendous. It has given us leverage and impetus to really drive our vision and do much more.
“The rigorous process involved in getting the fund has opened our eyes to other untapped opportunities and expanded our scope as a company. It has also given us an opening to network with like-minded entrepreneurs and partners to progress the impact of renewable energy in Nigeria. We would like to express our deepest gratitude and appreciation to USADF and All On.”
According to Washima Mede, CEO of Prado Power Limited, “It has not been easy bootstrapping and trying to gain traction as a new business. Thankfully, there are organizations like USADF and All On who have the development of this sector at heart.
“The USADF/All-On grant-loan has given us the chance to amplify our work, and we see ourselves on the path to making reasonable impact on the quality of life for the people in terms of the energy situation. Many thanks to USADF and All On who are working very transparently and assiduously to help bring a solution to the energy debacle in Nigeria.
“We are beneficiaries, amongst many others, and the whole nation will benefit as result.”
USADF, a founding member of Power Africa and an independent U.S. Government agency established by Congress to support and invest in African owned and led enterprises and All On, an impact investing company backed by Shell investing in off grid energy solution providers in Nigeria, established the challenge as a multi-year partnership to identify and help scale innovative off-grid solutions to “power up” underserved areas in Nigeria.
Now in the second year of an initial three-year partnership, the parties will jointly provide funding to 100% African owned and operated small and medium enterprises that improve energy access through off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies.
The enterprises may be developers of their own technology and/or acquiring and implementing technologies developed elsewhere. To benefit, applicants need to be legally registered in Nigeria, demonstrate the capacity to track and manage project resources and operate in good standing with the local governments in their areas of operation. Up to $50,000 per selected company will be provided in the form of convertible debt from All On, while up to $50,000 in the form of a grant will be provided by USADF.