“Since last year, the solar power has continued to brighten my shop; my business is booming as more and more people patronize my store due to constant power supply – as it allows them to see the groceries better. Since I joined ICE solar, it has been perfect. It reduced the amount of fuel I used to buy in a month, and ever since I started with this solar, I have abandoned my fuel-powered generator. It is at home now.”
Under the U.S. government-led Power Africa initiative, U.S. African Development Foundation (USADF) partnered with the private sector to launch the Off-Grid Energy Challenge to fund African energy entrepreneurs delivering energy solutions using solar, wind, hydro, and bioenergy technologies. In Nigeria, this also supports the country's goal of achieving 90 percent energy penetration by 2030.
Through the USADF – All On Nigeria Off-Grid Energy Challenge, a blended finance initiative, ICE Commercial Power, a renewable energy company that deploys stand-alone solar solutions for commercial and residential customers, was awarded a $50,000 grant including technical assistance from USADF country partner, Diamond Development Initiatives (DDI), and $50,000 convertible loan from All-On, an independent impact investing company in Nigeria seeded with funding from Shell.
With USADF support, ICE Commercial deployed over 70-kWp of distributed solar across 14 commercial plaza sites in the targeted locations, an intervention that led to the connection of a total of 107 small and medium-sized enterprises (SMEs) to clean, reliable pay-as-you-go solar energy for productive use.
Specifically, this project is currently benefiting 48 women-led SMEs leading to a reduction in their running costs and carbon footprint while improving their business productivity. Additionally, this intervention led to six youth graduates' employment and vocational training in preparation for a career in the Nigerian off-grid solar industry.
In its third year, the USADF – All On Nigeria Off-Grid Energy Challenge provides blended finance in the form of $50,000 in grant capital and $50,000 in convertible debt to each of the selected energy enterprises that make it through the rigorous due diligence process.