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Nigerian cleantech startup, Havenhill Synergy Limited, has raised $4.6m from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NDIF) to aid the construction of 22 smart solar mini-grids in Nigeria.
Founded in 2010 by CEO Olusegun Odunaiya, Havenhill focuses on improving access to electricity in rural areas using mini-grids. The company also offers renewable energy services for businesses in Nigeria’s industrial and commercial hubs.
Havenhill’s solar mini-grid solution promises to connect up to 70,000 people as well in establishments in various communities to clean and reliable energy.
In a statement, the NDIF asserts that the recent funding round was in line with the Nigeria Electrification Project.
Lagos, March 9, 2021 Havenhill Synergy Ltd. has raised N1.89 billion ($4.6m) for the construction of 22 mini-grids from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) under the Nigeria Electrification Project.
The NIDF Chief Executive Officer, Anshul Rai, in a statement on Monday said that NIDF would provide Havenhill long-term financing of N1.89 billion ($4.6m) to part-finance the roll out of these mini-grids.
He said that the mini-grids would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply.
Rai said that the development was part of Havenhill’s strategic focus on energy access and clean energy for Nigerians.He said it was quite fulfilling to note that NIDF was playing a significant role in improving energy access in Nigeria.
External Company Press Release
As part of its strategic focus on energy access and clean energy for Nigerians, Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria and Africa, has announced the successful financial close for the construction of 22 mini-grids being developed by Havenhill Synergy Limited (Havenhill) under the Nigeria Electrification Project.
With this development, NIDF will provide Havenhill long-term financing of N1.8 billion (c. $4.6 million) to part-finance the roll out of these mini-grids, that would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply. For further information see the IDTechEx report on Distributed Generation: Off-Grid Zero-Emission kW-MW 2020-2040.
Energy: Chapel Hill Denham boosts Havenhill’s mini-grid rollout with N1.8 billion
The funds will part-finance the rollout of mini-grids that would connect 70,000 people along with other establishments to clean energy.
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As part of its strategic focus on energy access and clean energy for Nigerians, Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria and Africa, has announced the successful financial close for the construction of 22 mini-grids being developed by Havenhill Synergy Limited under the Nigeria Electrification Project.
With this development, NIDF will provide Havenhill long-term financing of N1.8 billion ($4.6M) to part-finance the rollout of these mini-grids, that would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply.
With this development, NIDF will provide Havenhill long-term financing of N1.8 billion (c. $4.6 million) to part-finance the roll out of these mini-grids, that would connect 70,000 people along with other establishments in the host communities to clean, reliable energy supply.
Recent data obtained from National Bureau of Statistics revealed that access to reliable electricity in Nigeria is relatively low with a rural electrification rate still hovering around 39%.
In 2019, the International Monetary Fund (IMF) also estimated that a lack of access to reliable electricity costs Nigeria an estimated US$29 billion a year.
The inability of the owners/operators of main electricity grid to connect rural communities and provide them with reliable power supply has further amplified the need for decentralised energy systems and other clean alternatives.