9 February 2024
ReNew2030 celebrates a first in unlocking renewables investment!
🔆 With leadership from The African Climate Foundation, the Nigeria 🇳🇬 Sovereign Investment Authority (NSIA) has spearheaded the creation of the Renewables Investment Platform for Limitless Energy (RIPLE) – a $500 million initiative. The platform’s primary objective is to expand energy access, enhance energy efficiency, and strengthen energy security, perfectly aligning with ReNew2030’s mission.
This initiative marks an important step forward in realizing Nigeria’s sustainable development objectives. By tackling one of the key barriers highlighted in the ReNew2030 agenda – inadequate investment in renewables and critical infrastructure. This project sets a foundation for harnessing socio-economic benefits associated with scaling up of renewables. If successfully implemented, it promises to not only alleviate energy poverty, but will also stimulate economic activity and foster growth, which will boost industrial activity.
RIPLE can:
➡ help the country mitigate the risks linked to high emissions pathways;
➡ develop and co-host, and operate RE projects;
displace captive fossil power generation – e.g. diesel generation;
➡ enable distribution franchise projects;
➡ invest in solar PV assembly and manufacturing.
