The Renewable Energy Performance Platform 2 (REPP 2), a private debt fund managed by Camco, has provided a senior debt facility to Prado Power to support the construction and operation of five solar mini-grids with battery storage in Nigeria.
The projects are located in Benue and Nasarawa states and will have a combined 1.84 MWp of solar photovoltaic capacity and 5.2 MWh of battery storage. They are targeting more than 12,000 connections for households and micro, small and medium-sized enterprises.
Prado Power is an Abuja-based renewable energy company developing off-grid energy projects in Nigeria.
The mini-grids are expected to provide first-time electricity connections in off-grid communities and displace some diesel generation.
“Financing Prado Power’s mini-grid expansion demonstrates Camco’s commitment to investing in the businesses building Africa’s decentralised energy future. By combining clean energy access with productive agricultural use, this project delivers exactly the kind of integrated, climate-positive impact that REPP 2 was designed to support,” said Alfred Kudjordji, investment manager at Camco.
REPP 2 is a private debt fund managed by Camco that invests in distributed and small-scale renewable energy projects across sub-Saharan Africa. Its investors include the Green Climate Fund, Norfund, FMO, BIO, Ceniarth and OeEB.
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