• InfraCredit guaranteed a naira-denominated debt issue for First Electric.
• The project will deploy 20 mesh-grid systems across three Nigerian states.
• More than 5,100 households and businesses are set to gain electricity access.

InfraCredit, a specialist in local-currency credit guarantees for infrastructure, said on January 23 it had provided a credit guarantee for a naira-denominated debt issuance by First Electric. The transaction was carried out as part of a co-financing arrangement with the Climate Finance Blending Facility (CFBF). The aim is to mobilize domestic capital to fund an off-grid electricity project in Nigeria.

The transaction will finance the construction and commissioning of 20 mesh-grid power networks. The systems will have a combined installed capacity of 724.8 kWp. They will be deployed in underserved communities in Gombe, Nasarawa, and Ondo states. The project is expected to supply electricity to 5,156 households and small businesses and to create 616 jobs. It is the first mesh-grid project supported by the CFBF and the sixth operation completed under the facility.

“This milestone reflects First Electric’s commitment to bridging Nigeria’s energy gap through innovation and collaboration,” said Daniel Komolafe, chief executive officer of First Electric. “With InfraCredit’s support, we are demonstrating that clean energy solutions can be impactful, commercially viable, and sustainable.”

Since its launch, the CFBF has deployed about 12 billion naira, or around $8.4 million, to five off-grid energy developers. These investments have enabled the installation of nearly 1.8 MW of solar capacity and reached more than 28,000 beneficiaries. The facility currently supports a project pipeline estimated at 243.31 billion naira, led by 23 developers.

The First Electric project is also registered under the World Bank’s DARES program, implemented by Nigeria’s Rural Electrification Agency. The initiative highlights the growing role of credit guarantees and local-currency financing in scaling off-grid solar power in Nigeria.

Abdoullah Diop