Nigeria, in partnership with a United Nations agency, has established a $500m target to finance the roll-out of distributed renewable energy solutions such as solar home systems and mini-grids, as reported by Bloomberg.
Separately, Africa50 is establishing a $200m fund, the Africa Solar Facility, to invest in distributed renewable energy projects across the continent, sponsored by the International Solar Alliance, the report said.
Mini-grids and solar home systems are viewed as crucial for delivering electricity to remote settlements and rural areas far from national grids.