HomeNewsOkra Solar secures $4.5m investment to boost access to solar-energy in Nigeria

Okra Solar secures $4.5m investment to boost access to solar-energy in Nigeria

The European Union has authorized a $4.5m working capital arrangement for Okra Solar to boost access to solar-energy in Nigeria. This was done under the Nigerian ElectriFI national window. By the end of 2025, Okra hopes to reach 76,000 beneficiaries. By using this fund to give mini-grid developers access to electricity through mesh-grid technology.

Mesh-grids, as opposed to mini-grids, are decentralized and modular, with inverters and energy generation and storage equipment installed in each home. a design that makes sure the majority of energy is generated and used in the same location.

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Also Read: US$ 50M grant secured for implementation of water project in Plateau state, Nigeria

Remarks on the investment to boost access to solar-energy in Nigeria

“The technology that Okra Solar created is revolutionary. We take great pride in accelerating the creation of micro- and mini-grids in Nigeria in order to electrify rural areas. Okra has won numerous accolades, therefore we are convinced that its highly qualified team will succeed in this competitive industry,” said Maud Watelet, ElectriFI Principal Investment Officer at EDFI MC.

“In spite of the fact that grid extension for remote villages is 10 times more expensive than mesh grids, 80 million people in Nigeria still live off the grid. Okra is immensely thrilled to collaborate with EDFI ElectriFI. To introduce cutting-edge financial solutions that will enable regional developers to set up mesh grids at scale. And keep distributing electricity to the populace quickly,” said Afnan Hannan, Co-founder and CEO, Okra Solar.

In addition, Okra Solar has been working on this technology to electrify underprivileged or unserved communities since its inception. The company is currently concentrating on improving solar-energy in Nigeria. Which is a very strategic market and home to Africa’s largest population without access to electricity.

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