DFC provides $35m financing to Nigerian solar energy company
Solar home systems provider Lumos has secured $35 million in new financing from the U.S. International Development Finance Corporation (DFC). The financing will enable Lumos to deploy 160,000 new solar home systems, which will be used to power households and small businesses across Nigeria.
With more than 160 million people in Nigeria living with poor or no access to the electricity grid, the DFC financing will help Lumos reach new customers and seize the country’s enormous potential to rapidly scale up solar energy.
Alistair Gordon, group CEO, Lumos commented, “This funding from DFC will enable people throughout Nigeria to seize the opportunities that come with access to reliable and affordable power. Access to energy is the foundation for a high quality of life, good healthcare, education and increased income. Our ultimate goal at Lumos is to provide power for everyone.”
Worku Gachou, managing director for Africa at DFC said, “Access to power is a fundamental need across Africa and is even more urgent as Covid-19 continues to impact communities across the continent. Supporting Lumos will empower one million people across Nigeria by delivering access to reliable and affordable energy. Together, we can help unlock Africa’s enormous potential for growth.”
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