*GVE, Lumos, others amongst top beneficiaries
All On, an independent impact investing company, has announced its first set of business transactions aimed at facilitating increased access to affordable, reliable and sustainable energy sources for low income households, small scale enterprises, and communities in Nigeria.
Seeded with funding from oil major – Royal Dutch Shell (Shell), All On reportedly works with partners to increase access to commercial energy products and services for Nigeria’s under-served and un-served off grid energy markets, with a special focus on the Niger Delta.
Amongst the first major beneficiaries of this transactions, the firm said, would be Nigeria’s award-winning indigenous mini grid operator headquartered in Port Harcourt, Green Village Enterprises (GVE) which is currently in the latter stages of negotiations for an equity and debt investment.
Others are an equity investment in Lumos Global BV, a grant to renowned Nigerian tech ideation incubator – Co-Creation Hub to launch a challenge to engage Nigeria’s technology innovation ecosystem in the access to energy space, and a grant agreement with Solar Nigeria, a UK Aid-funded project implemented by Adam Smith International, for the receipt of grant funding to further de-risk investments made by All On in the Solar Home System (SHS) space.
CEO of All On, Dr. Wiebe Boer, said about this: “This initial set of transactions demonstrates our commitment to utilizing a market-based approach to making a sustainable impact in the off-grid energy sector in partnership with global and local market leaders.”
“it is just the beginning of our investments towards improving access to energy in Nigeria for the tens of millions of off-grid households and SMEs across the country,” Wiebe added.
Commenting on the proposed investment, Managing Director of GVE, Ifeanyi Orajaka, said: “We at GVE are excited about this relationship with All On. An investment from a world-class organisation such as All On further validates our position as one of the leading and most innovative indigenous clean energy solutions providers in Sub-Saharan Africa.
Orajaka further stated: “We are very optimistic and look forward to achieving our medium-term target