By Abdullahi Lukman
British International Investment (BII) has committed $7.5 million (€6.4 million) to a financing facility with US-based Odyssey Energy Solutions, aiming to accelerate the deployment of solar mini-grids and standalone systems across Nigeria.
The funding supports Nigeria’s Distributed Access through Renewable Energy Scale-Up (DARES) programme, backed by the World Bank, and targets improved energy access for 17.5 million Nigerians.
Developers will benefit from a pay-as-you-earn model, enabling them to procure solar panels and energy storage systems without upfront costs, reducing barriers in the off-grid power sector.
BII’s regional director for West Africa, Benson Adenuga, said the initiative addresses Nigeria’s significant electricity access gap, which leaves roughly 90 million people without power.
“Mini-grids powered by clean and affordable energy have a vital role to play,” he stated.
Odyssey Energy Solutions, based in Colorado, manages over $3 billion in renewable energy financing across 50+ countries.
Its digital platform connects solar developers with manufacturers, financiers, and governments to streamline deployment.
Co-founder Piyush Mathur praised BII’s support for enabling flexible, developer-focused financing models.
The investment is part of BII’s broader climate finance strategy, which allocates at least 30% of new investments to climate-related projects from 2022–2026.
BII holds net assets of £9.87 billion and investments across 66 countries.
In Nigeria, where diesel generators remain a common but polluting energy source, international partners view decentralised renewable energy as key to bridging electricity deficits.
The DARES programme and BII’s involvement are seen as part of a growing effort to mobilise private capital for clean energy access.
UK Deputy High Commissioner Jonny Baxter said the partnership signals stronger private sector opportunities in Nigeria’s energy transition.
Stakeholders hope the investment will catalyse further funding and scale mini-grid development.
Though modest in size, analysts say the $7.5 million facility demonstrates how blended finance can unlock progress in underserved communities, where demand for clean, reliable electricity is rising.
