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This project will also enhance energy access, energy efficiency and energy security.

The Nigeria Sovereign Investment Authority (NSIA) has launched a $500 million initiative to boost investments and quicken the country’s transition to clean sources of energy.

The project – Renewables Investment Platform for Limitless Energy (RIPLE), which was launched in strategic partnership with the multilateral finance group – International Finance Corporation (IFC), seeks to further redefine Nigeria’s energy landscape.

The initiative is expected to advance the country’s transition to energy-efficient solutions, optimise productivity, and reduce its carbon footprint amid the increasing threats posed by climate change.

It would also expand energy access, enhance energy efficiency, and ensure energy security. Speaking at the signing of a Memorandum of Understanding (MoU) between both parties over the weekend in Abuja, Managing Director/Chief Executive, NSIA, Mr. Aminu Umar-Sadiq, said the project was another milestone initiative by the authority in the climate sustainability asset class, “having previously launched the carbon vista with vitol and the construction finance warehouse facility.”

He added that the partnership further amplifies NSIA’s dedication to sustainable energy transition in the country.

He said, “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 recognise 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 launched carbon Vista with Vitol and the Construction Finance Warehouse Facility.”

In his remarks, Regional Manager Africa, IFC, Dan Croft, 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.”

Also, speaking at the ceremony, Programme Manager, RIPLE, Mr. Yusuf Umar, 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 optimise productivity and reduce the carbon footprint”.

Essentially, the pilot for the 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.

James Emejo in Abuja