World Bank is planning to help fund 1000 mini solar grids in Nigeria, announced the president of the organization, Mr. Ajay Banga. The World Bank will work in partnership with the government of Nigeria along with the private sector.
The country, which has the largest economy in Africa, has a population of more than 200 million people. Moreover, Nigeria has an installed solar capacity of 12.5 GW but produces a fraction of that energy. As a result, a large chunk of households and businesses are dependent on petrol and diesel generator.
Mr. Banga announced that 150 mini solar-powered grids, which were partially funded by World Bank, have already been established. The process of developing another 300 more has begun, and the organization plans to go all the way to 1000 such systems. World Bank will be investing millions of dollars in the project.
“Now the idea is not for the World Bank to be the only person putting the money. We put part of the money like a subsidy” states Mr. Banga.
Mini Grids, are independent systems that can integrate multiple electricity sources. They typically range from a few kilowatts to 10 MW and produce enough energy to power around 200 households.
As per the data shared by World Bank, approximately 568 million people still lack access to electricity in sub-Saharan Africa. The mini-grid project is a great way to improve energy security in the region without increasing carbon emissions.
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Resource: ET Energy
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