July 13, 2024

OffGrid donors, investors review Nigeria’s renewable industry, as ARM-Harith, Nayo sign deal

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Oredola Adeola

OffGrid donors, investors and other critical stakeholders in the renewable energy space have, during a quarterly meeting on Thursday, reviewed the latest developments in the renewable energy industry including innovative off-grid partnership deals to advance electrification initiatives in Nigeria.

This was part of the major highlights of the quarterly OffGrid donors/investors meeting, hosted by PowerAfricaUS in Abuja for the quarterly meeting led through the collaboration between the Renewable Energy Agency of Nigeria, USAID,  AllOnEnergy and other critical stakeholders in the renewable energy space.

During the meeting,  ARM-Harith Infrastructure Investment Limited Nigeria, sealed a major investment deal with Nayo Tropical Technology (NTT)  to scale up the distribution of solar energy solutions across Nigeria.

EnergyDay gathered that the stakeholders at the event discussed the latest developments in the renewable energy industry including innovative off-grid partnership deals to advance electrification initiatives.

Nayo Tropical Technology (NTT), a Nigerian high-tech power solutions company, had through the REA provided three off-grid solutions including a 10kw hybrid solar solution at Iberekodo Isolation Centre in Ogun state,  20kw hybrid solar solution centre at Ikenne also in Ogun state and another 25kw hybrid solar solution at the Nigeria Centre for Disease Control (NCDC ) public health Laboratory in Lagos state.

Through solar hybrid solutions, some healthcare professionals have been offered access to use the facilities to provide essential services to patients in Nigeria.

DFID and USAID logosSF have supported Nayo since 2019, with co-funding from USAID and the UK government, to develop its engineering, procurement and construction business across Nigeria.

ARM-Harith Infrastructure Investment Limited Nigeria is a subsidiary of ARM-Harith Infrastructure Investments Limited, a Mauritius-regulated infrastructure fund manager.

The company leverage its relationships with regional pension funds and International DFIs to mobilise international capital and domestic pension savings into infrastructure, which supports a low-carbon future, has invested in the renewable energy space, a financial instrument to unlock finance for low-carbon, climate-resilient development that tackles private investment barriers

EnergyDay further gathered that the deal between the two firms is part of the target to provide renewable energy infrastructure investments which incorporate climate change mitigation and adaptation strategies for African nations.

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