July 25, 2024
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OIL & GAS RENEWABLE ENERGY

Good News for Nigeria As UK Firm Set to Invest $18m on Renewable Energy

An integrated energy development and investment platform based in the UK, Konexa has concluded plans to invest 18 million renewable electrcity trading platform that will connect its inaugural client, Nigeria Breweries Plc to the grid. The investment has been made by climate-centric blended finance fund manager Climate Fund Managers (CFM) and Microsoft’s Climate Innovation Fund.

Nigeria Breweries aims to supply 100 per cent green energy for two of its breweries. Konexa is one of the few companies to have been awarded a private energy trading license in Nigeria.

The license, which was awarded by the Nigerian Electricity Regulatory Commission (NERC) in June 2022. It allows Konexa to get renewable energy from IPPS, take it through the national grid and distribute it to private companies, at a competitive price.

All transactions will be carried out through a new electricity trading platform, enhancing the overall efficiency of the national grid.

The investment will help to establish the trading platform and facilitate the transmission of renewable energy from the 30 MW Gurara Hydro Power Plant in Kaduna State, Northern Nigeria, to two of Nigerian Breweries’ Kaduna facilities.

The investment by CFM and Microsoft’s Climate Innovation Fund will support the construction of facilities and the deployment of a Battery Energy Storage Solution (BESS) to connect Nigerian Breweries Plc into the grid supplied by renewable energy from the Gurara Plant. With an annual supply of 20.5 GWh, the project will displace 8,104 tons of CO2 equivalent emissions per year, the equivalent of taking 1,800 cars off the road.

“We are honoured to have been awarded one of the first trading licenses for renewable energy in Nigeria and to be launching our trading platform with the invaluable support of CFM and Microsoft’s Climate Innovation Fund” said Pradeep Pursnani, CEO of Konexa.

 

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