26 October 2022
TEMPLARS have advised Rovingheights Nigeria Limited, the implementing entity of the Nigeria Off-Grid Market Acceleration Program (“NOMAP”), in connection with the pilot phase of its financing of productive use technologies in the Nigerian power sector.
NOMAP is an off-grid energy market-building program supported by the Shell Foundation and the United Kingdom Foreign, Commonwealth and Development Office (FCDO) that aims to address market barriers limiting access to energy in Nigeria.
As part of the pilot phase of the novel and high-impact initiative, NOMAP is collaborating with three mini-grid developers by providing funding through Cowrywise, a Securities and Exchange Commission – licensed fund manager, to the mini-grid developers for on-lending to productive users at concessionary rates.
The funding will finance productive use assets such as refrigerators, sewing machines, millers and other electrical appliances that can be utilized for income generation with the end goal of increasing utilization of electricity in communities where mini grids are operational and in turn increasing revenue for mini grid developers to stimulate further investment.
The pilot is expected to reach more than 500 small businesses across 20 mini-grids locations in Nigeria.