Clean cooking requires $7.5 bn investment by 2030 — Heirs Energies

The Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, has stressed the need for innovative financing and strategic collaboration to accelerate Nigeria’s energy transition.

He made the call during a fire chat session on the theme: ‘Navigating the $360 Billion Energy Transition’ at the Nigeria Energy Leadership Summit in Lagos.

He called for the adoption of innovative financing mechanisms, including green bonds and blended finance, to accelerate the development of solar and other renewable energy projects in Nigeria.

Nwanze stressed the role of tailored financial solutions in addressing project-specific risks and attracting investments.

He underscored the role of financial institutions in closing the funding gap for Nigeria’s Energy Transition Plan (ETP), noting that there is no one-size-fits-all financing solution for renewable energy projects.

“At Heirs Energies, we engage with investors to assess project risks and structure financing in ways that mitigate these risks while attracting capital. Nigeria was the first African country to issue a green bond, and this highlights our potential to leverage innovative financing mechanisms for sustainable development,” he said.

Nwanze stressed the need for an integrated approach within the renewable energy value chain, calling for better collaboration between key agencies such as the Nigerian Content Development and Monitoring Board (NCDMB), the Rural Electrification Agency (REA), and the Nigerian Renewable Energy and Energy Efficiency Association (NREEA).

“Quality needs to be ensured cohesively across the sector. We must align all players within the value chain to achieve targeted results. An effective implementation and monitoring framework is critical because, without it, most government policies will not deliver the desired impact,” he said.

He stressed the importance of local content in renewable energy development, noting that while NCDMB has made tremendous achievements in oil and gas, these successes can be replicated in the renewable sector.

“Through capacity building, local manufacturing, and research & development, the board’s expertise and the Nigeria Local Content Act can be instrumental in developing a sustainable renewable energy sector,” he said.

Nwanze outlined several key areas requiring investment to achieve Nigeria’s energy transition goals, including large-scale renewable energy projects, off-grid and mini-grid solutions for rural areas, and decarbonising the power sector.

He, however, said that meeting clean cooking needs alone would require $7.5 billion by 2030.

Nwanze added that there are significant opportunities to diversify the energy mix, reduce fossil fuel dependency, and enhance electricity access.

He called for stronger government support, including financial incentives, tax breaks, and subsidies, to drive renewable energy adoption.

He also stressed the need for clear policy frameworks to provide certainty around tariffs and demand, thereby attracting long-term investments.

“The ETP focuses on power, transportation, industrial decarbonisation, and clean cooking solutions. Decarbonising the power sector alone will need about $135 billion by 2060 to expand renewable energy capacity, improve grid infrastructure, and scale off-grid solutions.

“Increasing grid stability, expanding transmission infrastructure, and adopting energy storage solutions are essential for integrating renewable energy into the national grid.

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“The government must also foster international partnerships to accelerate technology transfer and renewable energy deployment,” Nwanze added.

The ED and CFO of Heirs Energies further reaffirmed the company’s commitment to advancing Nigeria’s energy transition.

“At Heirs Energies, we are dedicated to playing a leading role in Nigeria’s energy transition. Together, we can shape a sustainable energy future that benefits all Nigerians,” he said.