.Investment targets mini-grids, 6,000 connections and 41,000 beneficiaries
All On has invested $5 million in PowerGen Renewable Energy Nigeria Limited through a mezzanine investment to accelerate the development of isolated and interconnected renewable energy mini-grids across Nigeria.
The investment is expected to support up to 6,000 new electricity connections, reach an estimated 41,000 beneficiaries, and facilitate up to 9MW of generation capacity, alongside additional energy-storage impact.
The funding will enable PowerGen to expand its renewable energy footprint and provide reliable electricity to households, commercial and industrial customers in underserved and unserved communities.
The investment also completes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside funding from ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA) and InfraCo.
PowerGen has developed renewable energy infrastructure in Nigeria, including the Toto Community Mini Grid Project in Nasarawa State, described as Nigeria’s first interconnected hybrid solar mini-grid.
The projects supported by the investment are also expected to create approximately 470 jobs across communities and businesses served.
All On CEO, Caroline Eboumbou, said the investment reflects confidence in PowerGen’s ability to scale renewable energy solutions and expand reliable electricity access across Nigeria.
She said the funding would help provide capital for a proven platform to expand access to reliable power while enabling more communities and businesses to participate in economic growth.
All On Investment Manager, Oluseye Bassir, said PowerGen’s experience across different renewable energy models, particularly interconnected mini-grids, provides an opportunity to replicate and scale its solutions across Nigeria.
PowerGen CEO, Aaron Cheng, described the investment as a strong endorsement of the company’s platform and its capacity to deliver reliable renewable power at scale.
He said Nigeria remains an important market for PowerGen and that the investment would support its mission to expand access to reliable, affordable and clean energy.
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