Investment to Power Major Solar Project for Nigerian Breweries Facilities
Energy developer Konexa has secured a critical $3.6 million development funding agreement with climate-focused investment firms Climate Fund Managers (CFM) and Norfund to accelerate renewable energy expansion in Nigeria.
The strategic partnership will support the development of a substantial 50 MW solar PV facility along with new grid infrastructure specifically designed to power two major production sites operated by Nigerian Breweries in Lagos and Enugu State.
Under the terms of the agreement, CFM’s EU-backed blended finance facility Climate Investor One will contribute 50% of the initial funding, while Konexa and Norfund will each provide 35% of the investment. This initial $3.6 million is expected to catalyze an additional $80 million in construction-phase funding scheduled for the second half of 2025.
The project represents a significant step forward in Nigeria’s transition to cleaner energy sources, providing industrial-scale renewable power to major manufacturing facilities while strengthening the country’s grid infrastructure. Energy analysts note that successful implementation could provide a blueprint for similar industrial-scale renewable projects across Africa’s largest economy.
For Nigerian Breweries, the project offers both environmental benefits and potential long-term energy cost stability in a market frequently challenged by power supply inconsistency and rising utility costs. The partnership demonstrates increasing private sector confidence in Nigeria’s renewable energy sector.
Source: energycapitalpower.com
