Konexa secures funding from US Trade Agency to support renewable energy development in Nigeria

NIGERIA Nigeria based renewable energy company, Konexa has been awarded a grant by the US Trade and Development Agency (USTDA) to support development of renewable energy in Nigeria.

A report by Africa Energy Portal noted that Konexa will specifically use the USTDA funds to fund a feasibility study that will evaluate Nigeria’s access to reliable, privately generated renewable energy.

Konexa intends to develop up to 2.5MW of solar PV energy to serve grid and under-grid customers.

The renewable energy company also plans to incorporate 30MW of hydropower into their generation mix.

Konexa intends to procure this power from an existing hydropower plant that has been constructed, but not commissioned.

USTDA’s grant will particularly help define the technical specifications, project economics and regulatory and legal requirements to develop 2.5MW of solar photovoltaic energy, as well as procure and distribute 30MW of hydroelectricity within the service area.

USTDA’s Acting Director Thomas R. Hardy said that the project will support the development of critical energy infrastructure and an innovative business model to improve Nigeria’s electricity generation.

Hardy further noted that the project will also enhance the supply of energy to off-grid customers and is a demonstration of USTDA’s commitment to supporting Nigeria’s economic growth.

Based on the partnership agreements, a US company will be selected on a competed basis to carry out the study and this according to the USTDA Acting Director will contribute towards “creating opportunities for US companies to develop world-class infrastructure.”

USTDA’s partner, Konexa, is a Nigerian entity established to develop viable business models to accelerate energy access in developing countries.

“We are proud to be partnering with USTDA on this innovative project that has the potential to catalyse large scale private sector investment to make the distribution sector in Nigeria financially viable,” said Pradeep Pursnani, Konexa’s CEO.

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