Privida_DARES

pending

PriVida, a renewable energy company founded in 2013 in the UK with focus on Africa established its operations in Nigeria in 2021. PriVida currently operates 25 mini-grids, serving over 22,504 customers across Benue, Kogi, and Nasarawa states. In addition to mini-grid development and operations, the company also has pioneered in Building Integrated Photovoltaics (BIPV) and actively deploys Pay-As-You-Go (PAYG) solar home systems. The proposed IFC investment consists of a 4-year, senior secured revolving loan of up to $16.2 million financing to PriVida Power Limited Nigeria (“PriVida” or “the Company”), to part-finance the Company’s capex plan to construct and operate 75 mini grids across 10 states (Adamawa, Benue, Cross River, Delta, Edo, Gombe, Kano, Kogi, Kwara, Taraba) in Nigeria (the “Project”). The Project will be developed under the World Bank (WB) Nigeria DARES Program (WB DARES) and will be eligible to receive performance-based grants (PBG) from the Rural Electrification Agency (REA) of Nigeria that will primarily be used to repay the IFC Loan. The Project has a combined installed capacity of 26.6MW, making 120,300 connections. The WB Nigeria DARES builds on the achievements of the WB-financed Nigeria Electrification Project (NEP), which has supported the establishment of over 175 mini-grids and the sale of more than a million Solar Home Systems, through which millions of Nigerians have gained access to electricity. The interconnected grids are in peri-urban areas and the isolated mini-grids are mostly located in rural communities close to population centers on small parcels of land of ~ 0.25ha, purchased on a willing buyer-willing seller basis. Land for the mini-grids is acquired in accordance with the procedures set out in the World Bank-approved Resettlement Policy Framework (RPF) developed under the DARES Platform, which serves as a core E&S instrument for projects implemented through this program. The infrastructure includes a mini-grid solar park and low-voltage distribution networks mounted on 8.6-meter concrete poles. Construction at each site is expected to span four to six months, involving local labor recruited by PriVida directly and by Contractors. The construction period of each mini grid will include both direct work and contracted scopes, but operation and maintenance (O&M) will be managed in-house by the Company.