InfraCraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, has announced its credit enhancement of CEESOLAR Energy Limited’s local currency debt issue under a co-financing arrangement with the Climate Finance Blending Facility (CFBF).
The announcement marked the fifth transaction under the facility, which was seeded with £10 million concessional capital from the United Kingdom Foreign, Commonwealth and Development Office (FCDO) and later strengthened by a $10 million investment by BII alongside a $20 counter-guarantee facility.
The transaction will finance the construction and commissioning of four isolated solar hybrid mini-grids with a combined capacity of 760 kWph in underserved communities across Cross River state.
Once operational, the project will electrify approximately 3,600 households and small businesses, create nearly 561 jobs and stop over 737 tonnes of CO2 emissions yearly, advancing Nigeria’s universal electrification goals and contributing directly to Sustainable Development Goal 7 (Affordable and Clean Energy), the company said.
This transaction builds on the success of earlier projects supported through the facility, which has so far deployed approximately N9 billion across four developers (Darway, Hotspot, ACOB and Prado), collectively reaching more than 25,000 beneficiaries, creating over 2,300 jobs and installing approximately 1.7 MW of off-grid solar capacity.
The CFBF has now enabled a project pipeline of approximately N243.31 billion across 23 developers seeking financing, demonstrating its catalytic role in mobilising private capital for climate-aligned infrastructure and expanding distributed renewable energy (DRE) access nationwide.
The UK Deputy High Commissioner in Lagos, Jonny Baxter, said: “We are delighted that the UK-funded Climate Finance Blending Facility, managed by InfraCredit, continues to catalyse local currency debt for renewable energy infrastructure. The CFBF model for financing distributed renewable energy remains central to achieving Nigeria’s energy transition and net-zero ambitions, and the UK is proud to support innovative financing that drives climate-resilient growth.”
Chief Executive Officer of InfraCredit, Chinua Azubike, said: “We are proud to support CEESOLAR, joining other indigenous distributed renewable energy developers we’ve enabled to access long-term, affordable local currency financing. This transaction demonstrates the power of partnership — combining catalytic first-loss capital from FCDO, bridge financing from NSIA through the Construction Finance Warehouse Facility, and InfraCredit’s guarantees, to unlock private investment in climate-resilient infrastructure.”
Chief Executive Officer of CEESOLAR Energy Limited, Chibueze Ekeh, said: “This milestone reflects CEESOLAR’s commitment to bridging Nigeria’s energy gap through innovation and collaboration. With InfraCredit’s support, we are proving that clean energy solutions can be impactful, commercially viable, and sustainable. Every community we electrify is a step towards powering productivity, supporting women and small businesses, improving healthcare delivery, giving children a better chance at education, and building a future where energy access impacts lives.”
