June 21, 2024

Barika and Kraft, Dubai firm raises $60million to finance 1,133 MW wind, solar, hydro electricity projects in Nigeria 

Samuel  Agbelusi

Barika and Kraft, Dubai-based financial consultants, has successfully raised over 60 Million US dollars in its third funding round to finance investment in the medium-size Nigerian electricity projects expected to produce about 1,133 MW of additional capacity targeting seven(7) million Nigerians who are currently without power supply.

 

Raies Kazmi, the company’s spokesperson, made this known in an official statement revealing that it is committed to sponsoring projects that were innovative, technically eligible, energy efficient, and renewable.

 

The statement said, “Barika and Kraft combine, a Development Fund, a Construction Equity Fund, and a Refinancing Fund into one innovative “capital recycling” facility targeting wind, solar and run-hydro projects.

“Barika and Kraft seek to mobilize blended finance provided by donors and the commercial sector with its additional recycling feature to maximize impact and reduce risk in markets where development is needed and climate change solutions can have a significant and sustainable effect.
“The financing plans include investing in medium-size projects of between 25MW and 75MW. Upon fruition, it is expected to deliver a significant development and environmental impact, producing an expected 1,133 MW of additional capacity that will reach some 7 million people.
“Participating in these projects will avoid greenhouse gas emissions by ca. 1.8 million tonnes CO2-equivalent per year and will result in the employment of around 34,000 people.
“Its innovative financial structure will also help to prove a cross-sector potential, inspiring new approaches to financing in infrastructure sectors.
Barika and Kraft revealed that it is aligning with the Nigeria Renewable Energy Programme (NREP), to create access to affordable sustainable energy in Nigeria by focusing on centralised energy solutions, including off-grid programmes and financing over 150+ MW of additional capacity.