British International Investment (BII), the UK’s development finance institution, has joined forces with Odyssey Energy Solutions to launch a new financing facility aimed at accelerating electricity mini-grid deployment in Nigeria. The initiative comes with $7.5 million in funding from BII, directed through Odyssey’s procurement and supply chain credit platform. It targets energy access for families and businesses, aligning with Nigeria’s Distributed Access through Renewable Energy Scale-Up (DARES) program supported by the World Bank.
Addressing Financing Barriers
One of the key challenges for mini-grid developers in Nigeria has been covering upfront costs associated with equipment purchases, import duties, and related expenses. The facility bridges this gap by enabling developers to access high-quality solar and storage equipment with minimal upfront capital. Repayments are structured around project milestones, ensuring developers can scale responsibly as revenue streams grow.
Supporting Nigeria’s Energy Ambitions
The DARES program aims to extend reliable electricity to 17.5 million Nigerians, a target that requires innovative financing and procurement approaches. By leveraging Odyssey’s proprietary platform, the facility will accelerate procurement cycles and reduce time-to-electrification. This approach not only improves access but also strengthens the resilience of Nigeria’s clean energy sector.
Benefits for Local Developers
The structure of the facility offers Nigerian solar developers competitive equipment pricing through aggregated procurement and flexible payment schedules that improve working capital management. End-to-end logistics support, from customs clearance to last-mile delivery, is built into the model, reducing delays that often hinder deployment. Importantly, all equipment sourced is vetted for quality, ensuring reliability and longevity of installed systems.
Broader Impact and Partnerships
With over 3,000 installers already active and more than $3 billion of finance accessible via its platform, Odyssey is well-positioned to scale this new offering. By integrating procurement, financing, and monitoring into a single system, the company streamlines the entire project lifecycle. This integration enhances efficiency, helps developers expand faster, and supports the rapid transition to clean energy in emerging markets.
Voices from Stakeholders
UK Deputy High Commissioner in Lagos, Jonny Baxter, emphasized that the investment signals growing private sector opportunities in Nigeria’s renewable energy space. He highlighted that UK finance is contributing to green growth and supporting the Enhanced Trade and Investment Partnership with Nigeria. Benson Adenuga, BII’s West Africa Regional Director, added that clean energy mini-grids are essential for addressing the country’s electricity access gap, which still affects about 90 million people.
Odyssey’s Co-Founder and Managing Director, Piyush Mathur, praised BII’s role in addressing financing challenges in distributed energy. He explained that the partnership allows Odyssey to offer flexible and affordable solutions that meet developers at their point of need. This adaptability is expected to accelerate the pace of electrification and strengthen the distributed energy ecosystem across Nigeria.
The launch of this financing facility marks a strategic step forward in addressing Nigeria’s energy deficit through clean, distributed power solutions. By combining BII’s funding with Odyssey’s innovative platform, the initiative seeks to unlock bottlenecks that have long delayed mini-grid deployment. As Nigeria intensifies efforts to achieve universal energy access, the partnership provides a model for scaling renewable solutions that are both sustainable and impactful.