The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of a $500 million Renewables Investment Platform for Limitless Energy (RIPLE) designed to execute renewable energy projects across the entire value chain.
The agency said in a statement issued in Abuja on Sunday that with RIPLE, it would expand energy access, enhance energy efficiency and ensure energy security in Nigeria.
It said the launch of RIPLE was accompanied by the execution of a strategic partnership agreement with the International Finance Corporation (IFC).
The partnership would further redefine Nigeria’s energy landscape with the multilateral finance group and signaled a joint commitment to advance renewable energy developments.
“The pilot for this initiative is located within the Tokarawa Industrial Hub in Kano State and it involves setting up a generation and distribution system to meet 70 megawatts of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections,” the agency stated.
The Programme Manager, RIPLE, Yusuf Umar, was quoted in the statement as saying, “We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria.
The NSIA, Nigeria Sovereign Investment Authority, derives its mandate from the NSIA Act which was signed into law in May 2011. It empowers the Authority to receive, manage and invest funds in a diversified portfolio of medium and long term assets on behalf of the Federal Government, State Governments, Federal Capital Territory, and Local Governments Area Councils in preparation for the eventual depletion of Nigeria’s hydrocarbon resources. To give effect to the mandates, the NSIA established three main funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.