WASHINGTON, D.C., [April 28, 2026] — Nearly 500,000 households and businesses in underserved communities across Nigeria are expected to gain access to reliable, renewable electricity through a new initiative led by the International Finance Corporation (IFC), a member of the World Bank Group, in partnership with Norfund, the Norwegian Investment Fund for developing countries. The program will help scale off‑grid and distributed energy solutions, enabling economic activity, strengthening small enterprises, and supporting job creation across local value chains.
The initiative supports five Renewable Energy Service Companies (RESCOs)—Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited, and StarTimes Energy—each playing a critical role in expanding last‑mile power access in communities that remain disconnected from the national grid.
To enable this expansion at scale, IFC and Norfund are providing a combined financing package of up to US$83.2 million, as part of the World Bank Group’s broader effort to accelerate energy access across Africa. This support includes US$35.3 million of concessional debt from the IDA Private Sector Window Blended Finance Facility and IFC’s Concessional Capital Window.
Together, these projects represent a total estimated capital expenditure of US$271 million, enabling the rollout of 315 solar hybrid mini grid sites and connecting 2.9million people to electricity.
“Access to electricity is fundamental to jobs and economic growth,” said Ethiopis Tafara, IFC Regional Vice President for Africa. “By combining targeted investment with strong partnerships, we can scale proven solutions that strengthen local economies and expand opportunity—an approach at the heart of our Mission 300 initiative.
“Closing Nigeria’s electricity access gap requires solutions that are scalable, sustainable, and aligned with national priorities,” said Sanyade Okoli, Special Adviser to the President on Finance and the Economy, Nigeria. “Partnerships such as this one are critical to accelerating access while enabling economic growth and job creation across the country.”
“This partnership enables us to back high-impact energy access projects while helping unlock additional investment into the sector,” said Mark Davis, EVP Renewable energy Norfund. “Together, we are supporting the growth of a more resilient and inclusive energy market in Nigeria.”
“Access to reliable electricity allows us to expand our operations, support local businesses, and create jobs in the communities we serve,” said Henry Ureh, CEO of Darway Coast Nigeria Limited. “This support will help us scale faster and deepen our impact.”
Nigeria, Africa’s largest economy, continues to face a significant energy access challenge, with more than 85 million people without electricity.
This gap continues to constrain productivity, limit private sector growth, and restrict job creation, particularly in underserved and rural communities.
For many who are connected to the grid, power supply remains inconsistent, driving reliance on expensive and high emission diesel generation.
By supporting distributed renewable energy solutions, this initiative will help expand access to reliable electricity while reducing energy costs, strengthening local economies, and enabling income generating activities.
The DARES Platform complements the World Bank’s Nigeria DARES program and reflects a broader World Bank Group approach to mobilizing private sector investment through coordinated public and private interventions.
By expanding access to reliable electricity for productive use, the platform supports inclusive growth—creating jobs across the energy value chain and opening new opportunities for small businesses, including women‑led enterprises
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About the IDA Private Sector Window
The International Development Association’s Private Sector Window (IDA PSW) was launched in 2017 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in creating jobs and promoting economic transformation, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by the World Bank Group’s International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the Bank Group’s other tools are insufficient. For more information, visit: http://ida.worldbank.org/psw.
About Darway Coast Nigeria Limited (Darway Coast)
Darway Coast is a Nigerian renewable energy company focused on expanding access to clean, reliable electricity in off-grid and underserved communities. Since commencing operations in 2018, the company has built a growing portfolio of solar mini-grids across southern Nigeria, powering homes, businesses, and public institutions.
By combining mini-grid development and operations with engineering, procurement, and construction (EPC) services, Darway Coast delivers end-to-end energy solutions tailored to local needs. Its Pay-As-You-Go (PAYG) model enables affordable access to electricity while supporting small businesses, improving livelihoods, and driving inclusive economic growth.
Commitment Highlights
- Total project cost (CAPEX): US$82.3 million
- Mini-grid sites to be financed: 63
- Expected new connections: 168,527
- Total loan size (platform financing): US$25.0 million
- Senior loan amount (IFC): US$10.0 million
- Parallel loan amount (Norfund): US$5.0 million
- Concessional subordinated loan amount (IDA PSW BFF): US$10.0 million
About GVE Projects Limited (GVE)
GVE is a leading Nigerian renewable energy company delivering distributed energy solutions that bridge the country’s electricity access gap. Founded in 2012, the company operates a diverse portfolio spanning solar mini-grids, solar home systems, and commercial and industrial (C&I) energy solutions.
With deep technical expertise and a strong track record in project execution, GVE provides engineering, procurement, and construction (EPC), as well as operations and maintenance (O&M) services across multiple states. Recognized by the London Stock Exchange as one of Africa’s fastest-growing private companies, GVE continues to scale innovative energy solutions that empower communities, businesses, and local economies.
Commitment Highlights
- Total project cost (CAPEX): US$37.3 million
- Mini-grid sites to be financed: 41
- Expected new connections: 63,278
- Total loan size (platform financing): US$12.0 million
- Senior loan amount (IFC): US$4.8 million
- Parallel loan amount (Norfund): US$2.4 million
- Concessional subordinated loan amount (IDA PSW BFF and IFC’s CCW): US$4.8 million
About Prado Power Limited (Prado)
Prado Power is a Nigeria-based clean energy company developing and operating hybrid solar mini-grids to deliver affordable and reliable electricity to underserved communities and businesses. Established in 2014, Prado combines energy access with productive-use solutions designed to stimulate local economic activity.
Through its integrated approach—including support for agriculture, SMEs, and rural enterprises—Prado enables communities to translate energy access into income-generating opportunities. The company also prioritizes inclusion by supporting women-led businesses and households, reinforcing its commitment to sustainable and equitable development.
Commitment Highlights
- Total project cost (CAPEX): US$33.3 million
- Mini-grid sites to be financed: 41
- Expected new connections: 49,462
- Total loan size (platform financing): US$10.0 million
- Senior loan amount (IFC): US$4.0 million
- Parallel loan amount (Norfund): US$2.0 million
- Concessional subordinated loan amount (IDA PSW BFF and IFC’s CCW): US$4.0 million
About PriVida Power Limited (PriVida)
PriVida is a renewable energy and engineering company delivering innovative, scalable energy solutions to underserved markets. Founded in 2013 and expanded into Nigeria in 2021, PriVida operates across mini-grid development, solar home systems, and Building Integrated Photovoltaics (BIPV).
The company combines international expertise with strong local execution to deliver high-impact energy infrastructure, including landmark BIPV installations. With plans to expand local manufacturing of solar components, PriVida is contributing to both energy access and the growth of Nigeria’s clean energy value chain.
Commitment Highlights
- Total project cost (CAPEX): US$45.5 million
- Mini-grid sites to be financed: 75
- Expected new connections: 81,846
- Total loan size (platform financing): US$16.2 million
- Senior loan amount (IFC): US$6.48 million
- Parallel loan amount (Norfund): US$3.24 million
- Concessional subordinated loan amount (IDA PSW BFF and IFC’s CCW): US$6.48 million
About StarTimes Energy
StarTimes Energy is the renewable energy subsidiary of StarTimes Group, leveraging the group’s extensive footprint across Africa to scale energy access solutions in Nigeria. Building on its strong distribution network and customer reach, the company delivers solar home systems and mini-grid solutions to underserved communities.
By integrating energy access into its broader platform, StarTimes Energy is uniquely positioned to accelerate deployment at scale—bringing reliable, affordable power to households and businesses while supporting Nigeria’s transition to cleaner energy sources.
Commitment Highlights
- Total project cost (CAPEX): US$72.6 million
- Mini-grid sites to be financed: 95
- Expected new connections: 131,076
- Total loan size (platform financing): US$20.0 million
- Senior loan amount (IFC): US$10.0 million
- Parallel loan amount (Norfund): US$0
- Concessional subordinated loan amount (IDA PSW BFF ): US$10.0 million
About the DARES Platform
IFC’s DARES Platform complements the World Bank’s Nigeria DARES program by providing programmatic, platform-based financing to eligible developers. Through a revolving facility structure and streamlined processes, the platform accelerates deployment of decentralized renewable energy solutions at scale—starting in Nigeria and supporting broader regional energy access goals.
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production, and the Norwegian Ukraine Investment Fund. For more details, please visit: www.norfund.no
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