REA, FCMB, others facilitate $188m green energy finance facility

Nigeria’s push for cleaner and more reliable energy infrastructure received a major boost with the launch of a new $188 million Green Finance Investment Facility (GFiF) aimed at scaling renewable energy access across the country. The facility, unveiled in Lagos on May 7, is a blended finance platform designed to mobilise large-scale private and institutional […]

Nigeria’s push for cleaner and more reliable energy infrastructure received a major boost with the launch of a new $188 million Green Finance Investment Facility (GFiF) aimed at scaling renewable energy access across the country.

The facility, unveiled in Lagos on May 7, is a blended finance platform designed to mobilise large-scale private and institutional investment into distributed renewable energy infrastructure, particularly solar energy solutions for underserved households, businesses and communities.

The initiative is being led by Barton Heyman Limited in partnership with the Rural Electrification Agency (REA), UK PACT, FCMB and ARM Harith Infrastructure Investment Limited (ARMHIIL).

According to the promoters, the platform is targeting the financing of 191 megawatts of distributed solar energy capacity nationwide, with the broader objective of supporting over one million Nigerians through improved electricity access.

The facility also aligns with the Distributed Access through Renewable Energy Scale-Up (DARES) programme, a national initiative focused on expanding electricity access through decentralised renewable energy systems.

Speaking at the launch, Managing Partner of Barton Heyman Limited, Olumide Lala described the initiative as a commercially viable structure capable of unlocking private capital for Nigeria’s energy transition.

He said the platform demonstrates that Nigeria’s distributed renewable energy sector can be financed through a private-sector framework that combines sovereign-backed pipelines, results-based funding and commercial lending structures.

According to him, the current $188 million pilot represents only the first phase of a broader ambition to mobilise up to $40 billion for the development of 20 gigawatts of distributed renewable energy capacity nationwide.

Also speaking, Senior Partner, Barton Heyman, Anthony Feyitimi said the facility goes beyond clean energy financing and is fundamentally about economic productivity and national competitiveness.

He noted that reliable distributed electricity would enable businesses to operate efficiently, strengthen supply chains and support economic growth in underserved communities.

Feyitimi added that the blended finance structure was deliberately designed to merge sovereign pipelines, grant-based incentives and private commercial capital into a replicable investment model tailored to Nigeria’s energy realities.

The Managing Director of the Rural Electrification Agency, Abba Aliyu, said the initiative directly addresses one of the biggest constraints facing renewable energy deployment in Nigeria which is limited access to financing.

 

Aliyu stated that the partnership was created to ensure that communities without reliable power supply gain access to sustainable electricity solutions.

 

On the banking side, Senior Vice President and Divisional Head, Business Banking Group of FCMB,, George Ogbonnaya highlighted FCMB’s growing role in renewable energy financing and infrastructure inclusion.

 

He disclosed that the bank had committed N100 billion in debt financing support for the DARES programme and is currently funding more than eight developers under the isolated mini-grid Performance-Based Grant initiative, while finalising additional financing arrangements for seven other developers.

 

Ogbonnaya further revealed that FCMB has financed over 42 mini-grid projects and is supporting efforts aimed at connecting more than two million households to electricity in line with Nigeria’s national electrification targets.

 

Also speaking at the event, Chief Investment Officer at ARM Harith Infrastructure Investment Limited (ARMHIIL), Derek Chime called for stronger collaboration among stakeholders across the energy ecosystem to unlock more investment opportunities in renewable energy infrastructure.

 

Meanwhile, Simon Field, Deputy Head of Mission at the British High Commission in Lagos, reaffirmed the commitment of UK PACT to supporting green finance frameworks and expanding renewable energy adoption in Nigeria.

 

In the same vein, Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy to the Governor of Lagos State, stressed the importance of coordinated investments, innovation and policy support in accelerating sustainable energy access.