Off-grid energy technology company Okra Solar has secured a US$7 million debt facility from British International Investment to help procure equipment for decentralised electricity projects in Nigeria, according to a 10 November industry report. The companies say the financing could support approximately 150,000 new power connections, potentially reaching up to 750,000 people.
Okra supplies mesh-grid systems that combine solar generation, battery storage and controls, allowing neighbouring households and small businesses to share locally produced electricity. The equipment is intended for communities where conventional network expansion or other off-grid models may be costly.
The company reports that its installed systems currently serve more than 13,000 households and provide over 2.3 megawatts of capacity. Those historical figures differ from the far larger connection target set out for the new financing, which still depends on developers purchasing, installing and commissioning equipment.
The debt facility is designed to let Okra buy long-lead equipment before each individual project is finalised. The company expects larger orders and advance purchasing to reduce costs and shorten equipment delivery times, which it says have previously delayed projects.
Nigeria’s push for distributed renewable energy includes results-based support through the Rural Electrification Agency’s DARES programme, backed by the World Bank. Okra’s approach could help developers use those mechanisms, but the full number of new connections, their completion dates and the final cost to customers remain to be demonstrated.
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