Konexa, a renewable energy developer and investor, is advancing its clean power plans in Nigeria with support from the Seed Capital Assistance Facility (SCAF). On Monday, May 26, 2025, the company confirmed that SCAF is backing the structuring of its next development phase—an $80 million energy project that includes a 50 MW solar power plant and supporting infrastructure.
The project will supply electricity to two Nigerian Breweries industrial sites, one in Lagos and the other in Enugu state. It also includes plans to scale up Konexa’s private renewable energy trading platform.
SCAF will contribute 25% of the early-stage development capital, alongside Climate Fund Managers (50%) and Norfund (25%), under a funding agreement signed in early May.
“This project would not have been possible without the early and catalytic support from SCAF,” said Pradeep Pursnani, Konexa's CEO. “Their flexible development capital is accelerating our path toward financial sustainability and scaling our impact. It is exactly the kind of support the market needs more of to drive the decarbonisation and energy transition agenda in Africa.”
Many clean energy projects in developing countries struggle to get off the ground due to lack of early-stage financing. The International Renewable Energy Agency (IRENA) notes that viability is often determined in this phase—through feasibility studies, environmental reviews, and financial planning.
Konexa’s example shows how early support can help make renewable energy projects bankable and scalable. With over 85 million people in Nigeria still lacking access to electricity, such efforts are critical to expanding affordable, clean energy nationwide.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...
Backbone Infrastructure will build a $15 billion refinery in Nigeria's Ondo State, with a capac...
MTN has announced the launch of the MTN Cloud Accelerator, a 12-week hybrid program designed to help African startups scale faster by leveraging MTN’s...
• IMF extends Niger’s Extended Credit Facility (ECF) program by one year through December 2026.• IMF approves a $41 million disbursement tied to...
Kenya plans to import 1.05 million tonnes of palm oil in 2025/2026, near its highest ever level. Malaysia supplies 90% of Kenya’s palm oil, sharply...
EBRD grants $100 million loan to Banque Misr to expand credit access for SMEs and women-led businesses. Loan supports Egypt’s green finance...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...
Malawi’s Mount Mulanje and Cameroon’s Diy-Gid-Biy added to UNESCO World Heritage List Africa still holds 25% of endangered sites, despite recent...