NEoT Offgrid Africa will provide clean energy to 12,000 shop owners in Kano in Nigeria
Managed by NEoT Capital, NEoT Offgrid Africa is a platform investing in distributed renewable energy projects in Africa. It is backed by Meridiam, and France’s electric utility, Electricite de France (EDF) Group. Its objective is to invest hundreds of millions of euros over the next years in distributed renewable energy projects in Africa.
Through NEoT Offgrid Africa, Meridiam has just closed its first micro-utility project, the Sabon Gari Project in Nigeria. NEoT Offgrid Africa just acquired controlling shares of Sabon Gari Energy Solutions, an SPV providing power to micro and small-and-medium enterprises at Sabon Gari Market in Kano, one of the biggest commercial centers in Nigeria’s second largest city.
The project will provide electrification of the market under a power-as-a-service model, through installation of solar panels on the market roof, power electronics and smart meters, hence supplying energy to 12,000 shop owners in the market replacing the existing unreliable and hazardous diesel generators.
The project is developed in collaboration with Rensource, a fast-growing Nigerian company offering renewable distributed energy solutions to SMEs.