Nigeria: Infracredit's Guarantee Mobilises Local Currency Debt for Ceesolar's Energy Project

11 November 2025
This Day (Lagos)
By Oluchi Chibuzor

InfraCredit, has announced its credit enhancement of CEESOLAR Energy Limited's local currency debt issue under a co-financing arrangement with the Climate Finance Blending Facility (CFBF).

This, it said in a statement, marks the fifth transaction under the Facility, which was seeded with £10 million concessional capital from the UK Foreign, Commonwealth & Development Office (FCDO) and later strengthened by a $10 million investment by BII alongside a $20 counter-guarantee facility.

"The transaction will finance the construction and commissioning of four isolated solar hybrid mini-grids with a combined capacity of 760 kWp in underserved communities across Cross River State. Once operational, the project will electrify approximately 3,600 households and small businesses, create nearly 561 jobs, and avoid over 737 tonnes of CO₂ emissions annually, advancing Nigeria's universal electrification goals and contributing directly to Sustainable Development Goal 7 (Affordable and Clean Energy)," the statement reads in part.

UK Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said:"We are delighted that the UK-funded Climate Finance Blending Facility, managed by InfraCredit, continues to catalyse local currency debt for renewable energy infrastructure. The CFBF model for financing distributed renewable energy remains central to achieving Nigeria's energy transition and net-zero ambitions, and the UK is proud to support innovative financing that drives climate-resilient growth."

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Chief Executive Officer of InfraCredit, Mr. Chinua Azubike, said:"We are proud to support CEESOLAR, joining other indigenous distributed renewable energy developers we've enabled to access long-term, affordable local currency financing. This transaction demonstrates the power of partnership -- combining catalytic first-loss capital from FCDO, bridge financing from NSIA through the Construction Finance Warehouse Facility, and InfraCredit's guarantees, to unlock private investment in climate-resilient infrastructure."

Chief Executive Officer of CEESOLAR Energy Limited, Mr. Chibueze Ekeh, said:"This milestone reflects CEESOLAR's commitment to bridging Nigeria's energy gap through innovation and collaboration. With InfraCredit's support, we are proving that clean energy solutions can be impactful, commercially viable, and sustainable."

Chief Executive Officer of AMDA, Mr. Olamide Niyi-Afuye , said:"This milestone underscores the growing confidence in the capacity of AMDA's members to scale, and the power of local capital to drive sustainable energy access across the continent."

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