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Crossboundary Energy Access (CBEA) and ENGIE Energy Access have signed a $60 million agreement to finance the construction of a portfolio of mini-grids connecting 150,000 people to power in Nigeria.

While ENGIE has developed a pipeline of mini-grids to build for the next four years, CBEA will finance all the development and construction activities and will own the project.

ENGIE will provide long term operations and maintain services for the project and CBEA will provide the private transactions and invest it alongside the Performance Based Grant (PBG) funded by the World Bank and administered by Rural Electrification Area (REA) and the Nigeria Electrification Project(NEP).

Associate Director, CBEA, Annette Mumbai, said CBEA has improved the project financing approach for mini-grids to deploy capital faster and more efficiently by investing from procurement.

She further noted that the improvements enable developers to build mini-grids and deliver electricity to more people at a faster pace.

Chief Executive Officer (CEO), ENGIE Energy Access, Gillian-Alexandre Hyatt noted that the deal reflects their long-term commitment as a leading provider of energy access solutions in Africa.