Key Takeaways
- • Camco's REPP 2 fund has committed senior debt financing to Prado Power for construction and operation of five solar mini-grids with battery storage across Benue and Nasarawa States in northern Nigeria, targeting 12,000+ household and MSME connections.
- • The five mini-grid projects will deliver 1.84MWp of solar capacity and 5.2MWh of battery storage, avoiding over 1,100 tonnes of CO2 emissions annually while displacing diesel generation in off-grid communities with no existing grid access.
- • Prado Power has partnered with Farm Warehouse through REPP 2's Technical Assistance Facility to pilot integrated productive-use equipment for women, combining solar mini-grid access with agricultural services, microcredit, and insurance in Benue State—demonstrating a model linking clean energy to socio-economic development.
- • The World Bank Group's DARES performance-based subsidy programme and Nigeria's Rural Electrification Agency are supporting the mini-grid construction, indicating alignment with national electrification policy and access to blended finance mechanisms.
- • Up to 6 million Nigerians are now benefiting from solar and mini-grid power, reflecting accelerating market adoption of decentralised energy solutions in Nigeria's broader energy access landscape.
Summary
Camco's Renewable Energy Performance Platform (REPP) 2 fund has extended senior debt financing to Prado Power to accelerate the deployment of five solar mini-grids with integrated battery storage across underserved regions in northern Nigeria. The projects, located in Benue and Nasarawa States, represent a significant step in scaling decentralised energy infrastructure in off-grid communities with no existing electricity access.
The five mini-grids will collectively generate 1.84MWp of solar photovoltaic capacity paired with 5.2MWh of battery storage, designed to serve over 12,000 connections for households and micro, small, and medium enterprises (MSMEs). Beyond electrification, the projects are projected to displace diesel-dependent power generation and eliminate more than 1,100 tonnes of CO2 emissions annually, positioning the initiative as both an energy access and climate mitigation solution. According to Camco, financing this expansion demonstrates commitment to backing businesses scaling Africa's decentralised energy sector.
The financing structure incorporates blended finance mechanisms, with support from the World Bank Group's DARES (Decentralized Accelerated Renewable Electricity Solutions) performance-based subsidy programme and facilitation through Nigeria's Rural Electrification Agency. This layered approach—combining senior debt from REPP 2 with performance-based subsidies—addresses the capital and viability gaps that typically constrain mini-grid deployment in rural African markets.
A parallel initiative, supported by REPP 2's Technical Assistance Facility, is piloting an integrated model linking energy access to productive-use services. Prado Power and Farm Warehouse are collaborating to provide women in Benue State with agricultural equipment, microcredit, and insurance alongside solar mini-grid connections. This approach aims to unlock broader socio-economic returns beyond electrification alone. Prado Power's CEO characterized the partnership as demonstrating how clean energy infrastructure can be deployed alongside productive assets to generate value for underserved communities.
The timing reflects accelerating market conditions: up to 6 million Nigerians now benefit from solar and mini-grid power, indicating steady narrowing of Nigeria's energy access gap. Prado Power itself raised €4.4 million in 2024 to advance construction of four additional mini-grids, and the company operates as one of five leading renewable energy service companies (RESCOs) driving the first phase of large-scale mini-grid deployment in Nigeria.
The five mini-grids will collectively generate 1.84MWp of solar photovoltaic capacity paired with 5.2MWh of battery storage, designed to serve over 12,000 connections for households and micro, small, and medium enterprises (MSMEs). Beyond electrification, the projects are projected to displace diesel-dependent power generation and eliminate more than 1,100 tonnes of CO2 emissions annually, positioning the initiative as both an energy access and climate mitigation solution. According to Camco, financing this expansion demonstrates commitment to backing businesses scaling Africa's decentralised energy sector.
The financing structure incorporates blended finance mechanisms, with support from the World Bank Group's DARES (Decentralized Accelerated Renewable Electricity Solutions) performance-based subsidy programme and facilitation through Nigeria's Rural Electrification Agency. This layered approach—combining senior debt from REPP 2 with performance-based subsidies—addresses the capital and viability gaps that typically constrain mini-grid deployment in rural African markets.
A parallel initiative, supported by REPP 2's Technical Assistance Facility, is piloting an integrated model linking energy access to productive-use services. Prado Power and Farm Warehouse are collaborating to provide women in Benue State with agricultural equipment, microcredit, and insurance alongside solar mini-grid connections. This approach aims to unlock broader socio-economic returns beyond electrification alone. Prado Power's CEO characterized the partnership as demonstrating how clean energy infrastructure can be deployed alongside productive assets to generate value for underserved communities.
The timing reflects accelerating market conditions: up to 6 million Nigerians now benefit from solar and mini-grid power, indicating steady narrowing of Nigeria's energy access gap. Prado Power itself raised €4.4 million in 2024 to advance construction of four additional mini-grids, and the company operates as one of five leading renewable energy service companies (RESCOs) driving the first phase of large-scale mini-grid deployment in Nigeria.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.