The Nigeria Sovereign Investment Authority (NSIA) has introduced a $500 million Renewables Investment Platform for Limitless Energy (RIPLE), aimed at fostering the development of renewable energy projects across the entire value chain.
RIPLE’s objectives include expanding energy access, improving energy efficiency, and ensuring energy security, as per the statement released by the NSIA in Abuja on Sunday. The NSIA, established by an Act of parliament, manages funds exceeding budgeted hydrocarbon revenues through three distinct funds: the Stabilization Fund, Future Generation Fund, and Nigeria Infrastructure Fund.
The agency disclosed that the launch of RIPLE coincided with the execution of a strategic partnership agreement with the International Finance Corporation, signifying a joint commitment to advancing renewable energy developments in Nigeria. The agency emphasized that this partnership with the multilateral finance group would reshape the country’s energy landscape.
According to the statement, the pilot phase of the initiative is situated within the Tokarawa Industrial Hub in Kano State. It involves establishing a generation and distribution system to meet a 70-megawatt demand for unsuppressed energy from industrial activities, commercial enterprises, and residential customers within an area covering approximately 9,000 connections.
Yusuf Umar, the Programme Manager for RIPLE, expressed excitement about the collaboration with the International Finance Corporation, stating, “We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria.”