The US African Development Foundation (USADF) and All On announced that nine African-owned enterprises have emerged as finalists for the 2020 Nigeria Off-Grid Energy Challenge.
This was announced in a media release made available on the USADF website.
The winners of the third edition of the Challenge are: Allbase Global Technology; Ashdam Solar Company; Covenant Plus Engineering; and Green Acres Microfinance Bank.
Others are: Reeddi Technologies; Salpha Energy; Solarworld Alternative Energy Resources; Sunhive Limited; and Vesselnet Integrated Services Limited.
The nine enterprises will be awarded $25,000 in grant capital from USADF; $25,000 in grant capital from All On via its support from the Rockefeller Foundation through the All On Hub; and $50,000 in convertible debt from All On.
In addition to funding, the winners will receive technical assistance from USADF and governance support from All On.
The President and CEO, USADF, C.D. Glin, congratulated all the finalists on joining an innovative group of local enterprises, and are now making impactful contributions in the Nigerian renewable energy sector.
“We are also happy to announce that the Off-Grid Energy Challenge partnership will be extended by an additional two years till December 2022,” says Glin.
The annual challenge is a multi-year partnership that identifies and helps scale innovative off-grid solutions to “power up” unserved and underserved areas in Nigeria.
It was established by USADF, a founding member of the United States Power Africa Initiative and an independent US Government agency established by Congress.
It aimed to support and invest in African-owned and led enterprises and All On, a Nigerian impact investing company seeded by Shell, that invests in off-grid energy solution providers in Nigeria.
In his reaction, the CEO of All On, Wiebe Boer, said despite a remarkably difficult year, we are pleased that the challenge is providing funding to the 2020 cohort of winners.
Boer hinted: “These emerging indigenous companies have demonstrated that they have what it takes to succeed and over time, scale innovations that will ultimately improve livelihoods and local economies by providing power to unserved and underserved communities.”
As noted by the organisations, the winning enterprises are increasing sustainable energy access, specifically off-grid solutions, and extending the delivery of electrification to unserved and underserved communities in Nigeria.