IFC and Norfund Expand Energy Access for Homes and Businesses in Underserved Communities Across Nigeria

WASHINGTON, D.C., [April 28, 2026] - Nearly 500,000 households and businesses in underserved communities across Nigeria are expected to gain access to reliable, renewable electricity through a new initiative led by the International Finance Corporation (IFC), a member of the World Bank Group, in partnership with Norfund, the Norwegian Investment Fund for developing countries. The program will help scale off-grid and distributed energy solutions, enabling economic activity, strengthening small enterprises, and supporting job creation across local value chains.

The initiative supports five Renewable Energy Service Companies (RESCOs)-Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited, and StarTimes Energy-each playing a critical role in expanding last-mile power access in communities that remain disconnected from the national grid.

To enable this expansion at scale, IFC and Norfund are providing a combined financing package of up to US$83.2 million, as part of the World Bank Group's broader effort to accelerate energy access across Africa. This support includes US$35.3 million of concessional debt from the IDA Private Sector Window Blended Finance Facility and IFC's Concessional Capital Window.

Together, these projects represent a total estimated capital expenditure of US$271 million, enabling the rollout of 315 solar hybrid mini grid sites and connecting 2.9million people to electricity.

"Access to electricity is fundamental to jobs and economic growth," said Ethiopis Tafara, IFC Regional Vice President for Africa. "By combining targeted investment with strong partnerships, we can scale proven solutions that strengthen local economies and expand opportunity-an approach at the heart of our Mission 300 initiative.

"Closing Nigeria's electricity access gap requires solutions that are scalable, sustainable, and aligned with national priorities," said Sanyade Okoli, Special Adviser to the President on Finance and the Economy, Nigeria. "Partnerships such as this one are critical to accelerating access while enabling economic growth and job creation across the country."

"This partnership enables us to back high-impact energy access projects while helping unlock additional investment into the sector," said Mark Davis, EVP Renewable energy Norfund. "Together, we are supporting the growth of a more resilient and inclusive energy market in Nigeria."

"Access to reliable electricity allows us to expand our operations, support local businesses, and create jobs in the communities we serve," said Henry Ureh, CEO of Darway Coast Nigeria Limited. "This support will help us scale faster and deepen our impact."

Nigeria, Africa's largest economy, continues to face a significant energy access challenge, with more than 85 million people without electricity.

This gap continues to constrain productivity, limit private sector growth, and restrict job creation, particularly in underserved and rural communities.

For many who are connected to the grid, power supply remains inconsistent, driving reliance on expensive and high emission diesel generation.

By supporting distributed renewable energy solutions, this initiative will help expand access to reliable electricity while reducing energy costs, strengthening local economies, and enabling income generating activities.

The DARES Platform complements the World Bank's Nigeria DARES program and reflects a broader World Bank Group approach to mobilizing private sector investment through coordinated public and private interventions.

By expanding access to reliable electricity for productive use, the platform supports inclusive growth-creating jobs across the energy value chain and opening new opportunities for small businesses, including women-led enterprises