Okra Solar secures $7m funding to expand electricity access in Nigeria, 750,000 people targeted

Okra Solar secures $7m funding to expand electricity access in Nigeria, 750,000 people targeted

Nigerian communities with limited electricity access could benefit from a new $7 million debt facility secured by Okra Solar from British International Investment (BII) to expand its solar-powered mesh-grid technology and connect more households to reliable electricity.

The funding will enable the renewable energy company to purchase solar equipment, batteries and other components in advance, potentially reducing costs and speeding up the deployment of electricity systems in underserved communities.

Okra Solar expects the financing to help reduce equipment delivery times to Nigeria from about four months to two months, while the planned expansion could support 150,000 new electricity connections and provide power to an estimated 750,000 people.

Okra Solar targets 150,000 new electricity connections

The company explained that the facility would provide flexible working capital for equipment procurement, allowing it to buy components in larger quantities and improve delivery efficiency.

Its mesh-grid technology combines solar panels, battery storage and smart controls to enable neighbouring homes and businesses to share electricity through decentralised networks.

Unlike conventional grid extensions, the model is designed to serve communities where connecting to the national electricity network can be expensive.

Okra Solar, founded in 2016 by Afnan Hannan and Damian Veling, reports more than 13,000 connected households and over 2.3 megawatts of installed capacity.

The projected 150,000 additional connections remain subject to project development, customer demand and installation capacity.

BII funding targets Nigeria’s electricity access gap

The financing comes as Nigeria continues to face significant electricity access challenges, with BII estimating that about 90 million people lack reliable and affordable power.

The new facility follows Okra Solar’s 2023 financing of more than $12 million through a combination of equity and debt, but is specifically intended to support equipment procurement rather than a new venture capital round.

By helping energy developers secure equipment earlier, the investment is expected to accelerate rural electrification and extend clean energy access to more communities.

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Tags: Okra Solar, British International Investment, BII, Nigeria electricity, solar energy, renewable energy, electricity access, clean energy, debt financing, Afnan Hannan