IFC partners Greenage on $150m student housing fund

The International Finance Corporation (IFC) has given a green certification to a private equity-driven fund and provider of on-campus student housing project – Greenage Development Managers.

The global certification, known as IFC EDGE (Excellence in Design for Greater Efficiencies), helps property developers to build and brand green in a fast, easy and affordable way.

EDGE is supported by free software that encourages solutions to reduce energy, water and the energy used to make building materials by at least 20 per cent.

The aim of the certification system is to transform the student-housing sector by delivering purpose-built, resource-efficient student housing in higher institutions across Nigeria with Greenage’s $150 million sustainable housing fund.

The student-housing programme, a private sector initiative, consisting of a 10-year plan to provide modern, secure, affordable and green accommodations to complement campus architecture across Nigeria.

By partnering with multilateral agencies and private equity partners, Greenage can provide a long-term, environmentally friendly solution as the answer to the severely deteriorated state of student housing infrastructure in Nigeria.

IFC’s Director, Climate Business Department, Mr. Vivek Pathak, said: “Through the adoption of EDGE, Greenage has been able to unlock new sources of investment for universities that will help address the student housing gap in Nigeria, while controlling the use of natural resources.”

Under the programme, the firm will work with local vendors, suppliers, consultants and subcontractors to procure materials and equipment to produce high quality, durable, resource-efficient buildings.

According to the company’s Director, Mr. Marcellinus Nnaedozie, the Greenage approach to student housing offers the most affordable, sustainable and desirable strategy to meet the objectives of higher institutions in Nigeria.

He said the company is also leveraging the institutional mechanism provided by the Infrastructure Bank Plc to ensure the sustainability of the projects.

Speaking at the groundbreaking ceremony, the Acting Managing Director, Infrastructure Bank Plc, Mr. Ross Oluyede, stated that they were proud to partner GreenAge towards changing the housing experience for students in the country.

Oluyede stated that the vision for hostel accommodation fits into the long-term plan of the bank and that they would lend their transaction advisory services and other related areas of support to help GreenAge scale their projects.