- Konexa, a UK-based energy developer and investor, Climate Fund Managers (“CFM”), a climate-focused investment manager and Norfund, the Norwegian development finance institution, have signed a Development Funding Agreement (“DFA”) to support the next phases of Konexa’s renewable energy expansion in Nigeria.
The agreement will enable the development of a solar PV plant and new and strengthened grid infrastructure to connect two Nigerian Breweries Plc (“NBPlc”) sites in Lagos and Enugu State to renewable electricity supply. It will also support the continued rollout of Konexa’s private renewable energy trading platform to a broader base of commercial and industrial (“C&I”) clients, while strengthening the distribution grids around client sites to benefit wider electricity consumers. Once operational, the project is expected to offset approximately 30,000 tonnes of CO₂ emissions annually, support 100 construction jobs, and create 35 permanent roles.
The partners will jointly invest USD 3.6 million, with CFM’s EU-supported blended finance facility Climate Investor One (“CIO”), contributing 50%, and Norfund and Konexa each contributing 25%. Together, these commitments are expected to unlock approximately USD 80 million in further investments for construction at financial close, expected in the second half of 2025.
Nigeria has faced decades of under-investment in renewable energy generation and grid infrastructure. As a result, access to reliable electricity remains limited, and many businesses rely on expensive, polluting diesel and gas generators. The government’s Vision 30:30:30 aims to increase renewable energy to 30% of total electricity generation by 2030.
Author: Bryan Groenendaal
