ImpactAlpha, October 31 – Paris-based NEoT Offgrid Africa has invested an undisclosed sum in Sabon Gari Energy, a micro-utility project of Lagos-based distributed energy services company Rensource Energy, to power to micro and small-and-medium enterprises in Kano, Nigeria’s second largest city.
“The Sabon Gari energy project is a perfect example of deploying distributed solar energy solutions at scale to provide clean, reliable and competitive energy to customers,” said Pierre Devillard of NEoT Capital, the distributed renewable energy investors that manages NEoT Offgrid Africa. NEoT Offgrid Africa is backed by France’s electric utility Electricite de France Group and infrastructure developer Meridiam.
More than 70 million people in Nigeria don’t have access to electricity, according to the International Energy Agency. The investment, according to statement will be used to “complete the purchase and installation of solar panels, power electronics, batteries and smart meters for the micro-utility, expanding energy provision to all merchants in the Sabon Gari market.”
NEoT will take over the board of Sabon Gari Energy Solutions, joining existing investors Rensource, Solar Power Holdings, Sissli, and System Trade Services.