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All On Invests $5 Million in PowerGen Nigeria for Mini-Grid Expansion

lite News Desk 2 min read

At a glance

  • All On provided $5 million in mezzanine funding to PowerGen Nigeria.
  • The investment completed PowerGen’s Series C capital raise.
  • Funding aims to support up to 6,000 new electricity connections.

All On has invested $5 million in PowerGen Renewable Energy Nigeria Limited through a mezzanine funding round, finalizing the company’s Series C capital raise. This funding event brings together several institutional investors to support PowerGen’s expansion in Nigeria.

The capital raise was completed with participation from ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA), and InfraCo, alongside All On’s contribution. The funds are designated for expanding PowerGen’s mini-grid projects and increasing electricity access in Nigerian communities.

According to information published by Energy Times, the new investment is projected to enable up to 6,000 additional electricity connections. These connections are expected to reach both households and businesses, broadening the company’s service coverage.

The funding is also projected to benefit about 41,000 people by increasing access to reliable power. In addition, the projects supported by this investment are expected to create approximately 470 jobs across the communities and businesses served.

What the numbers show

  • $5 million invested by All On in PowerGen Nigeria.
  • Up to 9 megawatts of generation capacity planned.
  • Approximately 470 jobs to be created through funded projects.

The investment will facilitate up to 9 megawatts of new generation capacity, which includes enhancements in energy storage capabilities. This capacity increase is intended to support the growing demand for electricity in underserved areas.

PowerGen’s previous work in Nigeria includes the Toto Community Mini Grid Project in Nasarawa State. This project is described as the country’s first interconnected hybrid solar mini-grid, demonstrating the company’s experience in deploying renewable energy solutions.

By completing the Series C capital raise, PowerGen’s parent company, WindGen Power USA Inc., has secured backing from multiple international and regional funds. The collaboration is structured to drive further development of mini-grid infrastructure in Nigeria.

The combined funding from All On and other partners is expected to advance PowerGen’s goal of expanding electricity access, supporting job creation, and increasing renewable energy generation in the country.

* This article is based on publicly available information at the time of writing.

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