British International Investment has provided a $7 million debt facility to Okra Solar. Okra supplies mesh-grid technology for off-grid communities. The financing will support clean electricity access, mainly in Nigeria.
Procurement scale
The facility will help Okra procure equipment for about 150,000 new connections. Those connections could bring electricity to 750,000 people in rural Nigeria for the first time. Okra currently has more than 13,000 household connections and over 2.3 megawatts of installed capacity.
Faster delivery
Okra can now order long-lead-time components, batteries, and solar PV equipment upfront. The funding is expected to cut delivery times to Nigeria from four months to about two months. Developer customers can then bring projects online and access grant payments sooner.
How mesh-grids work
Mesh-grids combine solar generation, battery storage, and smart controls. Nearby homes and businesses share electricity in a cost-efficient way. The model offers more power than typical solar home systems and uses less infrastructure than conventional mini-grids.
Mesh-grids are eligible under Nigeria's DARES program, which provides results-based financing for new connections. The BII facility is classified as 100% climate finance. It also counts toward the 2X Challenge for women's empowerment.