Nigerian Breweries (NB) Plc has signed a power purchase agreement with Konexa, a UK-based energy developer and investor, to drive 100% renewable energy transition for two of its plants, in Lagos and Ama.

Climate Fund Managers (CFM), a climate-focused blended finance investment manager, will provide development funding for the project via its EU-supported Climate Investor One fund, while.Konexa and third-party co-financiers will also provide funding.

Speaking during the official contract signing ceremony held at the company's head office in Iganmu, Lagos, Managing Director of NB Plc, Mr. Hans Essaadi, described the deal as a significant milestone in the company's 100% renewable energy transition.

Essaadi said: "This partnership underscores our commitment to reducing carbon emissions, lowering operational costs, and achieving net zero before 2030. Nigerian Breweries recognises the critical role of renewable energy infrastructure in Nigeria, particularly amidst frequent outages.

"Our collaboration with Konexa demonstrates our dedication to accelerating the transition to renewable energy in our operations, and we look forward to a successful partnership with Konexa and their sponsors CFM, given their solid track record in renewable energy deployment in Africa. We look forward to working with Konexa to achieve this transition, especially in the face of the increasing cost of fossil fuels."

Also speaking during the ceremony, Chief Executive Officer of Konexa, Pradeep Pursnani, said the company is excited to be part of a project aimed at helping NB move toward a more reliable and sustainable power source in its operations.

"With CFM's support, we are advancing the development of key renewable energy infrastructure in Nigeria, helping companies like NB's transition to sustainable, reliable power and reduce their costs," Pursnani said.