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Energy: Chapel Hill Denham boosts Havenhill’s mini-grid rollout with N1.8 billion
The funds will part-finance the rollout of mini-grids that would connect 70,000 people along with other establishments to clean energy.
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As part of its strategic focus on energy access and clean energy for Nigerians, Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria and Africa, has announced the successful financial close for the construction of 22 mini-grids being developed by Havenhill Synergy Limited under the Nigeria Electrification Project.
With this development, NIDF will provide Havenhill long-term financing of N1.8 billion ($4.6M) to part-finance the rollout of these mini-grids, that would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply.
With this development, NIDF will provide Havenhill long-term financing of N1.8 billion (c. $4.6 million) to part-finance the roll out of these mini-grids, that would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply.
Recent data obtained from National Bureau of Statistics revealed that access to reliable electricity in Nigeria is relatively low with a rural electrification rate still hovering around 39%.
In 2019, the International Monetary Fund (IMF) also estimated that a lack of access to reliable electricity costs Nigeria an estimated US$29 billion a year.
The inability of the owners/operators of main electricity grid to connect rural communities and provide them with reliable power supply has further amplified the need for decentralised energy systems and other clean alternatives.