FP104
Nigeria Solar IPP Support Program
Nigeria Solar IPP Support Program
The Programme will catalyse delivery of approximately 400 MW of renewable power through the successful financing, construction and operation of the first 3 to 5 selected utility-scale solar power projects in Nigeria.
The concessional financing and debt replacement facility provided through the project reduces the perceived risks of investing and catalyses private sector investment amidst the current financing challenges within the power sector, namely scarce and expensive financing from commercial financial institutions. GCF, with Africa Finance Corporation (AFC) as the Accredited Entity and the African Development Bank (AfDB) as a co-lender, joined forces to catalyse this investment by supporting eligible Independent Power Producers to achieve financial close, while creating an enabling environment for local financial institutions planning to finance renewable energy projects in the future.
This programme has an estimated lifespan of 21 years.
Project timeline
Pipeline
07 Jun 2018 - 267 days
Funding proposal received
07 Jun 2018
Cleared by GCF Secretariat
11 Dec 2018
Cleared by iTAP
01 Feb 2019
Approved
28 Feb 2019 - 717 days
Approved by GCF Board
28 Feb 2019
Lapsed
13 Feb 2021
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
| Instrument | Amount |
|---|---|
| Loan | USD 100,000,000 |
| Total GCF Financing |
|---|
| USD 100,000,000 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Loan | USD 100,000,000 |
| Co-Financing | Loan | USD 100,000,000 |
| Co-Financing | Equity | USD 140,000,000 |
| Co-Financing | Loan | USD 27,000,000 |
| Total Co-Financing |
|---|
| USD 367,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
Africa Finance Corporation
Vice President, Investments
3a Osborne Road, Ikoyi, Lagos, Nigeria
Senior Vice President
3a Osborne Road, Ikoyi, Lagos, Nigeria
More contacts
National Designated Authority
National Council on Climate Change
Special Presidential Envoy on Climate Action (SPEC)
Office of the President of the Federal Republic of Nigeria, State House, Abuja, Nigeria
Director-General and Chief Executive Officer
14 Vistula Close, Maitama, FCT, Abuja, Nigeria
Documents
| Title | Type | Date |
|---|---|---|
| Gender action plan for FP104: Nigeria Solar IPP Support Program | Gender action plan | 03 May 2019 |
| Gender assessment for FP104: Nigeria Solar IPP Support Program | Gender assessment | 03 May 2019 |
| Nigeria solar IPP support programme | Approved funding proposal | 21 Mar 2019 |
| Environmental and social safeguards (ESS) report for FP104: Nigeria Solar IPP Support Program | Environmental and Social Safeguards report | 01 Feb 2019 |