Solar residence system supplier Lumos has obtained $35 million in financing from the US International Development Finance Corporation (DFC) to develop its current solar energy market in Nigeria.

It is reported that at current over 160 million folks in Nigeria have poor or no entry to the electrical energy grid. The photo voltaic firm famous that the brand new financing will allow it to provide a further 160,000 photo voltaic residence programs (SHS) to satisfy the ever-increasing demand from houses and companies throughout the nation, the place it already has a majority of the market share. 

Read extra
Construction to start on Morocco’s Taza windfarm
#AUW-PGAF pronounces agenda for joint ‘Digital Energy Festival’

According to an organization assertion, that is aligned with the Nigerian authorities’s plans introduced in June to attach 5 million households to solar energy.

Alistair Gordon, Group CEO, Lumos, stated: “This funding from DFC will allow folks all through Nigeria to grab the alternatives that include entry to dependable and reasonably priced energy. Access to power is the muse for a top quality of life, good healthcare, schooling and elevated earnings. Our final aim at Lumos is to supply energy for everybody.”

Worku Gachou, managing director for Africa, at DFC famous: “Access to energy is a elementary want throughout Africa and is much more pressing as COVID-19 continues to impression communities throughout the continent. Supporting Lumos will empower a million folks throughout Nigeria by delivering entry to dependable and reasonably priced power. Together, we may help unlock Africa’s huge potential for progress.”

The DFC financing announcement follows funding from Dutch entrepreneurial improvement financial institution FMO, introduced in August, that can greater than double Lumos’ buyer base in Côte d’Ivoire. 

Solar residence programs supply a quickly deployable energy answer to a worldwide market of greater than two billion folks. Currently, there are 740 million folks with poor or no entry to the electrical energy grid in sub-Saharan Africa, based on Lumos.

By providing a singular energy answer to the mass market, the photo voltaic firm famous that it’s revolutionising and decentralising energy provide within the area, in the identical manner that cell phones revolutionised communications.

Originally printed on

Sign up for our e-newsletter

The publish Lumos to develop photo voltaic footprint in Nigeria with newest funding win appeared first on Power Engineering International.

Read more at Source link


Please enter your comment!
Please enter your name here