A $500 million Renewables Investment Platform for Limitless Energy (RIPLE) has been introduced by the Nigeria Sovereign Investment Authority (NSIA) to facilitate the development, financing, and management of renewable energy projects along Nigeria's value chain.
According to NSIA, the program is being used as a means to guarantee energy security, improve energy efficiency, and increase access to energy.
Accompanying the introduction of RIPLE is the signing of a strategic collaboration agreement between the multilateral finance organization International Finance Corporation (IFC) and Nigeria aimed at further redefining Nigeria's energy landscape. The agreement was characterized by both organizations as a pledge to promote the growth of renewable energy in Nigeria.
“We are excited to partner with the International Finance Corporation to advance the transition to energy efficient solutions in Nigeria, an institution that shares our commitment to sustainable development, our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimise productivity and reduce carbon footprint,” said the programme manager, RIPLE, Mr Yusuf Umar.
Regional manager, Africa at IFC, Dan Croft said, “Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria. IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement the first phase of this innovative energy solution which will reduce greenhouse gas emissions and reliance on fossil fuel. The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”
He claimed that the money needed to carry out the project was already on its way.
Speaking about the partnership managing director and NSIA's CEO, Mr. Aminu Umar-Sadiq, stated that NSIA's commitment to Nigeria's sustainable energy transition is evident in its partnership with the IFC.