As part of its efforts to bridge the electricity Access gap in Nigeria, a renewable energy firm, All On has invested USD5 Million in the ongoing PowerGen Renewable Energy Nigeria Limited (PowerGen).
PowerGen, a leading renewable energy platform across Africa, with offices in four countries of Kenya, Nigeria, Sierra Leone and DRC, operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable
power.
The investment cane through a mezzanine investment to support the development of isolated and interconnected mini-grid projects serving households, commercial and industrial customers across Nigeria.
According to the firm, the investment will enable PowerGen to deepen its footprint in Nigeria and expand the deployment of renewable energy infrastructure for customers with limited or unreliable access to electricity.
The Chief Executive Officer (CEO) of All On, Caroline Eboumbou, said the investment in renewable energy will effectively closes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA) and InfraCo.
She said that PowerGen’s experience in Nigeria includes the development of interconnected renewable
energy infrastructure, including the Toto Community Mini Grid Project in Nasarawa State, which has became Nigeria’s first interconnected hybrid solar mini-grid.
According to her, the company’s growing portfolio positions it to deploy both standalone and grid-connected renewable energy solutions across different customer and market segments.
He said the investment is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries, alongside up to 9 MW of generation capacity and 17 MW + MWh of combined energy impact.
The projects are also expected to contribute to the creation of approximately 470 jobs across the communities and businesses served.
Eboumbou said: “PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge. This investment reflects our confidence in the company’s ability to build on that experience and take its model further across Nigeria.
“For us, it is about backing a proven platform with the capital it needs to expand access to reliable power, while creating the conditions for more businesses and communities to participate in Nigeria’s economic growth,”
Also speaking, Investment Manager at All On, Oluseye Bassir, said: “What stood out to us about PowerGen is the depth of experience behind the platform and its ability to operate across different renewable energy models.
“The company has already demonstrated what is possible with interconnected mini-grids, and we see significant potential to replicate and scale that experience in other parts of Nigeria. Our investment alongside the Series C investors gives PowerGen additional capital to move more projects from development into delivery, which of course is where real impact is created.”
The CEO of PowerGen, Aaron Cheng, said the investment reinforces All On’s commitment to supporting Nigerian energy companies with the experience, technical capabilities and scalable business models needed to expand reliable electricity access in underserved and unserved communities, while supporting households and businesses that depend on dependable power to operate and grow.
He said:“All On’s investment is a strong endorsement of PowerGen’s platform and our ability to deliver reliable renewable power at scale. Nigeria remains an important market for PowerGen, and this investment will support our continued growth and our mission to expand access to reliable, affordable and clean energy. We are pleased to welcome All On as a strategic investor and look forward to working together to accelerate the deployment of renewable energy across Nigeria.”
All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide
affordable, reliable, and sustainable energy for low-income households and small businesses.
