The partners are collectively investing $3.6 million, with CFM’s EU-supported Climate Investor One facility contributing 50%, and Norfund and Konexa each providing 25%. Konexa stated that this commitment is expected to attract approximately $80 million in additional investments for construction, with financial close anticipated in the second half of 2025.
The initiative will also advance Konexa’s private renewable energy trading platform, expanding access to clean energy for commercial and industrial clients across Nigeria. The project aims to address the country’s electricity access challenges while supporting sustainable energy consumption.
Darron Johnson, CFM’s regional head of Africa, stated: “The European Union’s early support helped unlock private capital for the first phase of the project, and we expect Norfund’s catalytic funding to do the same for the next phases. It’s a clear example of how blended finance can deliver impact at scale in emerging markets like Nigeria, where access to electricity remains a critical issue.”
In a related development, Nigeria’s Rural Electrification Agency partnered with Lagos-based Oando Clean Energy in March 2025 to establish a 1.2-gigawatt solar assembly plant, further boosting the country’s renewable energy capacity.
The collaboration between Konexa, CFM, and Norfund demonstrates a commitment to enhancing Nigeria’s energy infrastructure, promoting economic growth, and meeting domestic energy demands through renewable sources. By leveraging blended finance, the project aims to create a scalable model for clean energy development in Nigeria, contributing to both environmental sustainability and improved access to reliable electricity.
