Percy Onyeka
The Nigeria Sovereign Investment Authority (NSIA) has launched a $500m Renewables Investment Platform for Limitless Energy (“RIPLE”).
The launch of RIPLE was accompanied by the signing of strategic partnership agreement between the organisation and the International Finance Corporation (IFC).
Mr. Aminu Umar-Sadiq, the Managing Director (MD) of the NSIA, said at the launch in Abuja, at the weekend, that the transformative initiative was dedicated to the development, investment, and operation of renewable energy projects across the entire value chain, throughout the country.
With RIPLE, he explained, the NSIA was positioned to expand energy access, enhance energy efficiency and ensure energy security.
According to the MD, “The collaboration between NSIA and the IFC is a clear demonstration of NSIA’s dedication to sustainable energy transition in Nigeria.
“As the custodian of economic resources for current and future generations of Nigerians, tackling climate risks is integral to NSIA’s objectives.
We recognize the many opportunities it offers for innovation, growth, and economic transformation.
RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously lunched Carbon Vista with Vitol and the Construction Finance Warehouse Facility.”
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 70MW of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.
In his remarks, Mr. Yusuf Umar, Programme Manager for RIPLE, said, “We are excited to partner with the International Finance Corporation to advance the transition to energy efficient solutions in Nigeria, an institution that shares our commitment to sustainable development, our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimize productivity and reduce carbon footprint.”
Mr. Umar said that after the pilot project in Kano, NSIA would expand the programme to other parts of the country including Abuja, Ibadan and many others.
According to him, RIPLE would include using energy sources such as solar, hydro (water), waste-to-power and could even consider wind.
Similarly, Dan Croft, Regional Manager Africa, IFC said, “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria.
“IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement the first phase of this innovative energy solution which will reduce greenhouse gas emissions and reliance on fossil fuel. The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”
Mr. Croft said that the IFC had attempted getting involves with the Nigerian Energy sector, through an Independent Power Project which did not work out.
According to him, the lesson learnt from that failed attempt was that it was wrong to impose what works elsewhere on a different environment and that his organisation was very pleased with the RIPLE initiative developed in-country by the NSIA.
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Techrectory with Agency Report.
