Odyssey Energy Solutions Nigeria has secured a $7.5 million funding facility from British International Investment (BII), the UK’s development finance institution, to scale the deployment of solar mini-grids across underserved communities in Nigeria. The investment will provide renewable energy developers with flexible financing to procure critical equipment such as solar photovoltaic panels, battery storage systems, and balance-of-system components—addressing one of the sector’s most persistent barriers: high upfront capital costs.
The financing is tied to the Distributed Access through Renewable Energy Scale-up (DARES) programme, a flagship initiative led by Nigeria’s Rural Electrification Agency (REA) with support from the World Bank. DARES aims to deliver electricity access to 17.5 million Nigerians through the installation of up to 1,500 solar mini-grids and 1.5 million standalone solar home systems, making it one of Africa’s most ambitious clean energy access programmes.
With an estimated 90 million Nigerians—nearly half the population—still lacking reliable electricity, off-grid solutions like solar mini-grids are increasingly seen as the fastest and most cost-effective path to universal electrification. Unlike traditional grid extension, which is slow and expensive in remote areas, mini-grids can be deployed rapidly, delivering clean, affordable, and resilient power to rural and peri-urban communities that have long been excluded from national infrastructure.
At the heart of the DARES programme is Odyssey Energy Solutions Nigeria’s digital platform, which serves as the official operational backbone for project management and financing disbursement. The system enables developers to submit and track proposals, while allowing the REA to evaluate applications, monitor real-time project performance, and release results-based payments transparently. Integrated geospatial intelligence tools from VIDA further enhance planning accuracy, enabling developers to identify optimal sites using advanced mapping data.
Piyush Mathur, Co-Founder and Managing Director of Odyssey Energy Solutions, described the BII partnership as a transformative step in unlocking private-sector participation in distributed energy. “BII has taken a progressive and practical approach to solving the financing challenges in this space,” he said. “Their support allows us to offer developers accessible, flexible financing options so we can collectively accelerate electrification across Nigeria.”
Benson Adenuga, BII’s Regional Director for West Africa, emphasized the strategic importance of mini-grids in closing Nigeria’s energy gap. “About 90 million people in Nigeria still live without electricity,” he said. “Clean, decentralized energy systems like solar mini-grids have a vital role to play in reducing that number quickly and sustainably. I’m proud that BII is partnering with Odyssey to help bring power to those who need it most.”
The investment also underscores growing international confidence in Nigeria’s clean energy transition. Jonny Baxter, British Deputy High Commissioner in Lagos, framed the deal as evidence of expanding opportunities for private-sector leadership in Africa’s renewable revolution. “This is a signal that the conditions for impactful, scalable investments in African energy are improving,” he said.
By combining development finance from BII, government coordination through the REA, and Odyssey Energy Solutions Nigeria’s technology-driven platform, the DARES initiative represents a replicable model for tackling energy poverty in emerging markets. It demonstrates how public-private collaboration, digital innovation, and targeted capital can converge to deliver inclusive, sustainable development at scale.
As Nigeria advances toward its energy access goals, projects like these are not just lighting homes—they are powering businesses, clinics, and schools, laying the foundation for broader economic transformation. And with Odyssey at the digital core of one of Africa’s largest renewable energy programmes, the company is proving that technology and finance, when aligned with public purpose, can illuminate even the most remote corners of the continent.
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