All On and the Global Energy Alliance for People and Planet pledged an additional $15 million to expand the Demand Aggregation for Renewable Technology program at COP28 on Tuesday.
The Punch reported that the announcement was made on Energy Day, following a World Bank conference on distributed renewable energy with the goal of hastening energy access for all Africans.
In order to lower the cost of implementing these technologies in the most underserved communities, renewable energy companies are participating in a global aggregated procurement financing initiative called DART, which got its start in Nigeria in 2021.
Through the program, savings of up to 30% on solar equipment have been realized thus far, which has accelerated the sector and encouraged market standardization.
The total fund size of the DART program will rise to $25 million with this additional GEAPP funding.
The CEO of All On, Caroline Eboumbou, expressed her excitement about the news, saying, “We are especially excited that this funding will not only unlock economies of scale for Nigerian renewable energy developers, but will also accelerate the shift to universal access to renewable energy and play a pivotal role in enabling local currency financing for the solar industry. This investment shows that the DART program’s success since its launch in 2021 is respected.”
GEAPP and All On have contributed $20 million and $5 million, respectively, to the facility’s initial funding. Its main goal is to increase funding options and encourage economies of scale for developers who are small and medium-sized developers operating in the renewable energy sector.
The Vice President for Africa and Interim Managing Director of GEAPP, Joseph Ng’ang’a, stated: “Our continued partnership with All On and Odyssey Energy Solutions is focused on delivering real results for Nigeria’s renewable energy sector: empowering entrepreneurs, creating jobs, and driving economic growth while addressing the critical gap between energy demand, supply, and transmission.
“The goal of GEAPP, which is to spark a green energy revolution that transforms people’s lives and livelihoods in Nigeria and around the world, is fundamentally embodied in this partnership.”
