InfraCredit, ‘AAA’-rated specialised infrastructure credit guarantee institution, has announced its credit enhancement of CEESOLAR Energy’s local currency debt issue under co-financing with Climate Finance Blending Facility (CFBF).
This is the fifth transaction under the facility, which was seeded with £10 million concessional capital from UK Foreign, Commonwealth & Development Office (FCDO) and strengthened by a US$10 million investment by BII with a US$20 counter-guarantee.
The transaction will finance construction and inauguration of four isolated solar hybrid mini-grids with a combined capacity of 760 kWp inv Cross River State communities. The project will electrify 3,600 households and small businesses, create 561 jobs, and avoid over 737 tonnes of CO2 emissions annually, advancing Nigeria’s universal electrification goals and contributing to SDG 7 (Affordable and Clean Energy).
This transaction builds on success of earlier projects supported through the facility, which deployed approximately N9billion in four developers (Darway, Hotspot, ACOB, and Prado), reaching over 25,000 beneficiaries, creating over 2,300 jobs, and installing 1.7 MW of off-grid solar capacity. The CFBF has enabled a project pipeline of approximately N243.31 billion in 23 developers seeking financing, demonstrating its catalytic role in mobilising private capital for climate-aligned infrastructure and expanding distributed renewable energy (DRE) access nationwide.
UK Deputy High Commissioner in Lagos, Jonny Baxter, said: “We are delighted the UK-funded CFBF, managed by InfraCredit, continues to catalyse local currency debt for renewable energy infrastructure. This model for financing distributed renewable energy is central to achieving Nigeria’s energy transition and net-zero ambitions, and UK is proud to support innovative financing that drives climate-resilient growth.”
Read Also: Trump’s crusade to save “Nigerian Christians”
Chief Executive Officer of InfraCredit, Chinua Azubike, said: “We are proud to support CEESOLAR, joining other indigenous distributed renewable energy developers we’ve enabled to access long-term, affordable local currency financing. This transaction demonstrates the power of partnership — combining catalytic first-loss capital from FCDO, bridge financing from NSIA through Construction Finance Warehouse Facility, and InfraCredit’s guarantees, to unlock private investment in climate-resilient infrastructure.”
Chief Executive Officer of CEESOLAR, Chibueze Ekeh, said: “This reflects CEESOLAR’s commitment to bridging Nigeria’s energy gap through innovation and collaboration. With InfraCredit’s support, we are proving that clean energy solutions can be impactful, commercially viable, and sustainable. Every community we electrify is a step towards powering productivity, supporting women and SMEs, improving healthcare, giving children a better chance at education, and building a future where energy access impacts lives.”
AMDA’s Chief Executive, Olamide Niyi-Afuye, said: “This underscores the confidence in the capacity of AMDA’s members to scale, and the power of local capital to drive energy access in Africa.”