Yemisi Izuora
Nigerian cleantech startup, Havenhill Synergy Limited, has raised $4.6m from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NDIF) to facilitate the construction of 22 smart solar mini-grids in Nigeria.
Founded in 2010 by CEO Olusegun Odunaiya, Havenhill, focuses on improving access to electricity in rural areas using mini-grids. The company also offers renewable energy services for businesses in Nigeria’s industrial and commercial hubs.
Havenhill’s solar mini-grid solution promises to connect up to 70,000 people as well in establishments in various communities to clean and reliable energy.
In a statement, the NDIF asserts that the recent funding round was in line with the Nigeria Electrification Project.
According to the National Bureau of Statistics (NBS), access to electricity in Nigeria is still low and its rural electrification rate still stands at 39 per cent and in 2019, the International Monetary Fund (IMF) estimated this gap costs Nigeria an estimated $29 billion annually.
The federal government in response has taken steps to develop the solar power sector.
The CEO of NIDF, Anshul Rai noted that Havenhill’s financing was completed from the fund’s recently concluded Series-7 capital raise, which also involved the participation of African Development Bank (AfDB).