Nigeria will benefit from the $2 billion Rockefeller Foundation and the International Finance Corporation, IFC (a World Bank Group) plan to spend on renewable energy, among other similar projects.
According to Joseph Nganga, Executive Director of Energy and Climate for Africa at the Rockefeller Foundation, beneficiaries of the project include seven Sub-Saharan Countries, namely: Senegal, Rwanda, Sierra Leone, Ethiopia, Uganda, Malawi and Nigeria.
IFC, a private arm of the World Bank, reached an agreement with the Rockefeller Foundation on June 16, 2021, to partner and transform the energy sector in parts of Africa.
Both parties agreed upon the same ambitions to advance renewable energy solutions in emerging markets, especially in the region.
Individually, the donation from Rochefeller Foundation, the United State‘s philanthropic institution sums up to $150m. This amount aims to de-risk up to $2bn of investment mobilised from the private sector via the IFC.
Already, there’s an initial rapid deployment phase of $30m, meant to kick start the project as other payments would follow in instalments.
The Memorandum of Understanding, MoU, between the involved parties is expected to continue until the next ten years.
The groups revealed reasons for selecting the countries to be tied mainly because of their environments. The areas are regarded as conducive for developing access to energy.
The teams are considering achieving these set objectives through policies that aim to deploy mini-electrical networks or consolidate existing networks.