By Faridat Salifu
London-based renewable energy trader, Konexa, has secured a significant investment of $18 million from Microsoft’s Climate Innovation Fund and Climate Fund Managers (CFM), aimed at expanding its clean energy solutions in Nigeria.
This investment marks a pivotal step in Konexa’s efforts to provide sustainable energy alternatives to Nigerian businesses, particularly those reliant on fossil fuel-powered generators and grappling with frequent power outages.
Konexa, which obtained its renewable energy trading license from the Nigerian Electricity Regulatory Commission (NERC) in June 2023, is poised to revolutionize the energy landscape in Nigeria.
Collaborating with prominent businesses like Nigerian Breweries, Konexa aims to decarbonize industrial operations, starting with two factories in Kaduna state.
It was gathered that the partnership will see Konexa sourcing electricity from the 30 MW Gurara hydroelectric power station, operated by Nigerian company North South Power Company.
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By leveraging clean energy from hydroelectric sources, Konexa aims to provide a sustainable and reliable alternative to diesel-powered generators, thereby reducing carbon emissions and promoting environmental sustainability.
The clean energy supplied by Konexa is expected to cover the entire energy needs of Nigerian Breweries’ facilities in Kaduna, totaling an estimated annual capacity of 20.5 GWh.
This strategic collaboration, we further gathered, underscores the potential for impactful partnerships in driving renewable energy adoption and fostering economic growth in Nigeria.
In addition to its core business of trading electricity to businesses, Konexa is committed to advancing electrification initiatives in rural areas.
Through its electrification program, Konexa has already facilitated 200 electricity connections in villages such as Chikaji Gwari and Chikaji Tsakiya, providing access to clean and reliable energy for various sectors, including small-scale farming.
With the infusion of funds from Microsoft’s Climate Innovation Fund and CFM, Konexa says it is poised to accelerate its efforts towards a cleaner, more sustainable energy future for Nigeria, paving the way for widespread adoption of renewable energy solutions and driving socio-economic development in the region.
