Firm, IFC sign pact to build 500 mini-grids
An energy firm, Virtuitis Solaris, has signed a deal with the International Finance Corporation to construct 500 solar mini-grids across the country.
Virtuitis Solaris, a subsidiary of MOJEC International Holdings, affirmed its commitment to constructing the 500 mini-grids within the next three years.
The company said the project will start with 100 grids in the first year, aimed at connecting a minimum of 200,000 customers across 10 to 15 states in Nigeria.
The Group Managing Director of MOJEC Group and Chief Executive Officer of Virtuitis Solaris, Chantelle Abdul, said the signing of the partnership agreement with the International Finance Corporation took place during the just-concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
In a statement on Friday night, Abdul said the partnership is part of the IFC’s broader initiative to support distributed renewable energy companies in bridging Nigeria’s electricity access gap and facilitating the transition to a sustainable and economically viable power supply.
“As a key player in the World Bank-funded Nigeria Distributed Access through Renewable Energy Scale-Up Programme (Nigeria DARES), implemented by Nigeria’s Rural Electrification Agency, Virtuitis Solaris is poised to bring clean and reliable electricity to up to 400,000 households across underserved communities.
“This latest development builds on Virtuitis Solaris’ previous commitments, including its October 2024 Memorandum of Understanding with the Rural Electrification Agency, where it was selected as one of the 22 developers for the deployment of decentralised renewable energy projects across nine states in Nigeria,” she stated.
Abdul emphasised the company’s dedication to expanding energy access in off-grid areas.
“We are proud to be part of this transformative initiative that aligns with the Nigerian government’s vision to enhance energy access. This partnership with the IFC underscores the critical role of development partners in supporting Distributed Energy Solutions programmes, ensuring that clean, reliable electricity reaches those who need it most,” Abdul stated.
She commended the IFC for its commitment to providing bridge financing, which enables renewable energy companies to scale operations and invest in infrastructure.
“This financing enables companies like Virtuitis Solaris to fund capital expenditures and establish the necessary physical infrastructure for developing the proposed mini-grid sites, thereby creating a meaningful impact on communities.
The Mission 300 agenda, as outlined by the Minister of Finance, is a cause we deeply resonate with, and we are committed to playing our part in connecting 300 million Africans, including Nigerians, to electricity.
“With this partnership, Virtuitis Solaris continues to position itself at the forefront of Nigeria’s renewable energy revolution, driving economic growth and social development through sustainable energy solutions,” she submitted.
Earlier, the Managing Director of the Rural Electrification Agency, Abba Aliyu, said the Federal Government was in talks with both local and foreign financial institutions to secure $1.1bn for the construction of renewable mini-power grids.
According to him, the REA signed a Memorandum of Understanding with the International Finance Corporation and five renewable energy service companies, including Virtuitis Solaris Ltd.
The idea, he said, was to expand mini-grid projects in Nigeria, as part of the World Bank Group’s Nigeria Distributed Access through Renewable Energy Scale-up project.
He disclosed that the International Finance Corporation has committed $200m to the project, while the First City Monument Bank provided $100m.
The PUNCH reports that Nigeria, with over 200 million population is still struggling with 4,500 megawatts of electricity.
Efforts made in 2024 by the Minister of Power, Adebayo Adelabu, to ramp up power to 6,000MW were unsuccessful due to vandalism and incessant grid collapses.
It was reported that over 250 companies and institutions have since dumped the national grid to generate their own electricity through mini-grids.
It is expected that Nigeria can reduce its electricity woes by leveraging renewables to provide power for the underserved and unserved communities.
