To promote the use of solar energy in Nigeria, Chapel Hill Denham, an independent investment banking and securities trading organization, has partnered with the Rural Electrification Agency (REA).
A memorandum of understanding (MoU) was signed between Chapel Hill Denham and REA at an investor matchmaking event hosted in collaboration with the Power Africa Nigeria Power Sector Programme of the United States Agency for International Development (PA-NPSP, USAID). This agreement formalized the partnership. Its goal is to make it easier to finance off-grid electricity projects.
The investor matchmaking event gave potential investors a stage on which to present to developers their financial proposals while defining selection standards and crucial clauses.
It functioned as a crucial arena for networking and matching, bringing together important investors and top developers in the power sector who had been previously selected and evaluated by the Solar Power Naija (SPN) team.
Bolaji Balogun, CEO of Chapel Hill Denham, expressed his excitement at the partnership and said it perfectly complemented the company’s goal to advancing transformative solutions that have a beneficial impact on Nigerians’ lives.
In order to support the country’s economic development and social well-being, he emphasized the company’s commitment to producing sustainable solar power projects.
“Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation,” Balogun claimed.
The alliance represented a significant step forward in Nigeria’s efforts to increase access to solar energy and hasten economic growth. The partners hope to significantly advance Nigeria’s aims for energy access and bring about positive change in the nation’s power sector through their combined efforts.
Chapel Hill Denham’s investment activities and advice services, which are geared toward promoting a low-carbon economy, have made significant contributions to the field of climate finance.
The company has been instrumental in funding and assisting renewable energy projects, particularly by providing a variety of financing options for off-grid companies.
As a result, the Energy Sector Management Assistance Programme (ESMAP) of the World Bank has named it as one of the top 20 global funders of mini-grid developers.
In addition, Chapel Hill Denham aggressively supported infrastructure initiatives that advance climate resilience and sustainable development, taking the lead in almost 80% of Nigeria’s green bond issuances.
The company aggressively generates positive environmental effect and pushes the climate agenda by incorporating sustainability principles and Environmental, Social, and Governance (ESG) factors into its investment decisions.
A major part of Nigeria’s Economic Sustainability Plan (ESP), the Solar Power Naija Programme seeks to connect five million additional homes in off-grid communities to solar energy.
The plan is anticipated to raise tax collections by N7 billion year and provide $10 million for import substitution.
The program’s goals include enhancing local content in the off-grid solar value chain, encouraging the expansion of the local manufacturing and assembly industry, and increasing energy access for 25 million people through the deployment of Solar Home Systems (SHS) or mini-grid connections. Additionally, it wants to encourage the development of 250,000 new jobs in the energy industry.