ASIS Spotlights NSIA’s $300m Renewable Energy Fund to Expand Power Access

Deborah Ndinorouba

The Africa Social Impact Summit (ASIS) has highlighted the $300 million Nigeria Distributed Renewable Energy (DRE) Fund as a major step towards addressing Nigeria’s electricity access gap, with the initiative expected to channel investment into renewable energy solutions for underserved communities and businesses.

The fund, launched commercially by the Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL), is designed to scale up distributed renewable energy projects, including mini-grids and standalone solar systems.

The initiative was spotlighted at the inaugural ASIS Global Action Forum in New York, held on the sidelines of the 81st United Nations General Assembly, where policymakers, investors, development institutions and private-sector leaders examined ways to mobilise capital for Africa’s development priorities.

The forum, convened by Sterling One Foundation in partnership with NSIA, the United Nations Population Fund (UNFPA), RALLY and other partners, built on discussions at the fifth Africa Social Impact Summit held in Lagos in July.

Co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership, the fund is expected to support the deployment of renewable energy solutions across Nigeria, helping to extend electricity supply to communities and businesses underserved by conventional power infrastructure.

Speaking on the initiative, Managing Director and Chief Executive Officer of the Renewables Investment Platform for Limitless Energy (RIPLE), established by NSIA, Yusuf Umar, said closing Nigeria’s energy access gap required financing structures that could deliver viable solutions to the people and businesses that needed them most.

“Closing Nigeria’s energy access gap requires more than recognising the scale of the challenge; it requires financing structures that can bring viable solutions to the communities and businesses that need them most,” he said. 

Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, said the fund demonstrated how partnerships could move development conversations beyond commitments to practical interventions that respond to the needs of communities.

“At the Africa Social Impact Summit, we believe that the true value of development conversations lies in what they make possible beyond the room,” she said.