Okra Solar, InfraCredit Target Power Access For 25,000 Rural Nigerians

According to Ireporter Online, Okra Solar and InfraCredit have finalized a debt financing agreement to support the deployment of a mesh-grid energy project under InfraCredit’s Climate Finance Blending Facility (CFBF), aimed at expanding electricity access to underserved rural communities in Nigeria.

The initiative is expected to benefit no fewer than 25,000 Nigerians living in areas not connected to the national grid. The project is being implemented within the framework of the Distributed Access through Renewable Energy Scale-up (DARES) programme, the world’s largest energy access initiative, which is providing $750 million in grant support to renewable energy developers operating in Nigeria.

Through the financing arrangement, First Electric has secured the capital required to provide reliable electricity to 5,156 households and small businesses across 20 underserved communities using Okra Solar’s mesh-grid technology. Industry experts note that the project highlights the strong economic viability of mesh-grids as a long-term infrastructure investment, even with a per-connection grant of $300, which is lower than what is typically required for traditional mini-grid systems.

The project is funded through World Bank-backed grants and is projected to significantly reduce Nigeria’s public borrowing needs, with estimates indicating that total borrowing could be at least 40 per cent lower while delivering power access to the same number of households. InfraCredit, a ‘AAA’-rated financial institution, played a key role by unlocking long-term local currency debt, enabling Nigerian developers to procure equipment and expand operations without exposure to foreign exchange volatility.

Speaking on the development, Okra Solar’s Chief Executive Officer, Afnan Hannan, described InfraCredit as a highly innovative partner whose blended finance approach and focus on productive energy use have helped reposition previously unviable rural communities as bankable, long-term energy projects. He noted that months of work went into establishing a financial framework that will make it easier for Nigerian developers to finance and scale mesh-grid projects going forward.

Also commenting, Chief Executive Officer of First Electric, Daniel Komolafe, said the transaction underscores the company’s commitment to closing Nigeria’s energy access gap through innovation. He added that the combination of InfraCredit’s financing and Okra Solar’s technology proves that clean energy solutions for hard-to-reach communities can be both impactful and commercially sustainable.

The transaction was supported by a coalition of international and local partners, including the Nigeria Sovereign Investment Authority, the Foreign, Commonwealth and Development Office, FSD Africa, the Rural Electrification Agency, and the World Bank. Okra Solar is also strengthening developer capacity through new digital tools such as Pipeline Builder, designed to help renewable energy service companies design mesh-grid projects and streamline applications for DARES grants.