KfW to back renewables in Nigeria with USD-200m loan
Dec 4, 2014 - German development bank KfW plans to provide USD 200 million (EUR 163m) in loans to Nigeria to help it develop small-scale renewable energy and energy efficiency projects.
The green credit line will be available to small and medium enterprises, Renate Von Bodden, the leader of a German delegation visiting Nigeria, said on Wednesday as cited by local media. In addition, KfW will extend an additional EUR 5 million (USD 6.2m) to Nigeria for technical assistance in the development of renewable energy schemes.
The government of Nigeria plans to install about 7.2 GW of renewable energy capacity by 2020, the Nigerian Electricity Regulatory Commission (NERC) said last month. If implemented, the plan will lift the renewable energy share in Nigeria’s total power mix to 18%.
At present, Nigeria’s power generation capacity stands at 4 GW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.