Lagos — Shell funded Nigerian impact investor, All On, has announced that 22 wholly Nigerian owned enterprises have been shortlisted for the 2020 USADF – All On Nigeria Off-Grid Energy Challenge.
This third edition of the annual challenge, which is in partnership with the United States African Development Foundation, USADF, will provide $50,000 in grant capital and $50,000 in convertible debt to each of the selected energy enterprises that makes it through the rigorous due diligence process.
A portion of the funding for the Challenge awards is part of the support provided to entrepreneurs in the energy access sector by the All On Hub, an initiative supported by the Rockefeller Foundation.
In addition to funding, the winners will receive technical assistance from USADF and governance support from All On. The winners will be formally announced in Q4 2020.
“In spite of the negative economic impact of the COVID-19 pandemic, we remain committed to our mission to invest in off-grid energy solutions that will help bridge the significant energy gap in Nigeria,” said Sele Inegbedion, Manager, All On Hub. “It’s exciting to see that even during this crisis, there are Nigerian entrepreneurs developing innovative solutions to address Nigeria’s access to energy gap.”
The USADF provides seed capital and local project management assistance that helps improve lives and impact livelihoods while addressing some of Africa’s biggest challenges, such as energy poverty. The Covid-19 pandemic has illustrated how essential modern energy access is to healthcare, and how important it will be for economic recovery.
The selected Nigerian enterprises are increasing sustainable energy access, specifically off-grid solutions, and extending the delivery of electrification to unserved and under-served communities in five of the six geopolitical zones – South South, North Central, North West, South West and South East zones in Nigeria.