Client:

GreenMax Capital Group

Country:

Nigeria

Partners:

Climate Finance Innovation Lab, InfraCredit Nigeria

Year:

2020 – ongoing

Description:

The GreenStreet Africa Development Company is a PPP initiative that aims to provide an innovative energy-as-a-service model to allow private ownership, operation and financing for distributed solar generation projects to supply Nigerian public facilities with reliable on-site electricity. A pilot portfolio is under development for six Federally-owned hospitals in Nigeria, through GreenStreet Nigeria, which GreenMax has established in partnership with Nigeria’s Rural Electrification Agency and with InfraCredit agreeing to organize the financing.  GreenStreet Nigeria will act as a “Super ESCO” to develop the project sites, design the off-take agreements with the Ministry of Health and establish a lock box mechanism into which budget allocations for the purchase of power from the installed solar generation facilities will be pre-funded annually. The government’s obligation to fund the lock box payments will be underwritten by a third party DFI guarantee. Financing will be provided through an insured bond issue organized by InfraCredit Nigeria. In 2020, the GreenStreet Africa model was selected out of 200 candidates as the 2020 Energy Access Idea of the Year by the Global Innovation Lab for Climate Finance.

More information about Greenstreet Africa is available here.

GreenMax Africa Transaction Advisory Director, Ifechukwude Uwajeh, presents the GreenStreet Africa initiative at the 5th Africa Mini-Grids Summit 2019 in Accra, Ghana.