May 26, 2025
Konexa, Climate Fund Managers and Norfund have signed a Development Funding Agreement to support the next phases of Konexa’s renewable energy expansion in Nigeria.
The agreement will enable the development of a solar PV plant and new and strengthened grid infrastructure to connect two Nigerian Breweries Plc sites in Lagos and Enugu State to renewable electricity supply. The project is expected to offset approximately 30,000 tonnes of CO₂ emissions annually, support 100 construction jobs, and create 35 permanent roles.
The partners will jointly invest USD 3.6 million, with Climate Fund Managers contributing 50%, and Norfund and Konexa each contributing 25%. Together, these commitments are expected to unlock approximately USD 80 million in further investments for construction at financial close, expected in the second half of 2025. Norfund`s investment is done through the Frontier Facility, which is used for projects with a higher risk than the rest of the portfolio.
“This partnership reflects Norfund’s commitment to scale renewable energy infrastructure in Nigeria and to contribute to long-term social, environmental and economic impact. We see Konexa’s business model as an innovative and impactful solution, addressing the country`s sector challenges. We are excited to join forces with Konexa and CFM,” says Birgit Edlefsen, Senior Vice President, Renewable Energy at Norfund.
Nigeria has faced decades of under-investment in renewable energy generation and grid infrastructure. In 2022, 75 % of the electricity generation came from natural gas, and only 0.3 % from solar, . As a result, access to reliable electricity remains limited, and many businesses rely on expensive, polluting diesel and gas generators. The government’s Vision 30:30:30 aims to increase renewable energy to 30 % of total electricity generation by 2030.