All On signs 3 deals in Port Harcourt to boost funding in new energy sector

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A major breakthrough will take place tomorrow Friday, February 16, 2018, where an energy impact investor, All On, will sign a financial deal to support new energy firms with seed capital from Shell.

All On says this will accelerate access to affordable and sustainable energy sources in the Niger Delta.

Chief Executive Officer of All On, Dr. Boer Wiebe, announced a follow up to the equity investment made in 2017 to Nigeria Solar Home System market leader, Lumos Global BV, in the form of a debt facility to facilitate a quick rollout in the Niger Delta. All On is also providing equity and debt to Port Harcourt based Green Village Electricity (GVE), Nigeria’s leading mini-grid player, for expansion in the Niger Delta and across Nigeria, while ColdHubs is receiving a convertible debt facility to expand its solar-powered marketplace cold storage business to new markets in the region.

Boer said these developments were coming barely three months after All-On announced its first set of transactions in Nigeria’s off-grid market, and two months after the firm and U.S. Africa Development Foundation (USADF) announced a $3 million partnership to expand access to energy for underserved and unserved markets in Nigeria.

“The investments made in these energy solution providers further demonstrate our firm belief that off-grid energy is indispensable in the improvement of Nigeria’s energy narrative. It therefore deserves adequate attention and financial backing from both the public and private sectors.” Dr. Boer said.

All On says it is an independent impact investing company and that it was ‘seeded with funding from Shell’, and works with partners to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria, with a special focus on the Niger Delta.