The World Bank has approved a $750 million facility for the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project.
The bank said in a statement, in Abuja, this afternoon, that the project, to be financed by an International Development Association (IDA) funding, would leverage over $1 billion of private capital and significant parallel financing from development partners, including $100 million from the Global Energy Alliance for People and Planet and $200 million from Japan International Cooperation Agency.
Other development partners collaborating on the programme include the United States Agency for International Development (USAID), the German Development Agency (GIZ), SEforAll, and the African Development Bank (AfDB).
The DARES project aims to provide over 17.5 million Nigerians with new or improved access to electricity through distributed renewable energy solutions.
It would use innovative financing solutions to scale up private sector-led clean electricity provision in Nigeria.
