Nigerian startup, Havenhill raises $4.6M from NIDF

Nigerian startup, Havenhill has announced that it has raised $ 4.6 million from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) for the construction of 22 mini-grids under the Nigeria Electrification Project.

The long-term financing of N1.8 billion, will part-finance the roll out of these mini-grids, that would connect 70,000 people along with other establishments in the host communities with clean, reliable energy supply.

Speaking on the completion of the groundbreaking deal, the CEO of NIDF, Anshul Rai, noted that it was quite fulfilling to note that NIDF is playing a significant role in improving energy access in Nigeria.

“NIDF prides itself in being the leader in financing of clean energy and energy access projects in Nigeria and thus contribute to the achievement of UN’s Sustainable Development Goals. In multiple projects such as Havenhill, our unitholders can see their capital in action and generating not only financial returns but also making a strong, positive impact on the daily lives of their fellow citizens”, Rai said

He disclosed that financing of the project will be funded from the fund’s recently concluded Series-7 capital raise, which also involved the participation of African Development Bank (AfDB).

“With the support of AfDB, NIDF is also implementing a comprehensive Environmental & Social Management System for the fund and also supporting its borrowers adopt the international best practices in the area of environmental and social sustainability” he added.

“This milestone serves as a renewal of Havenhill’s commitment to powering Nigeria’s most remote communities and delivering last-mile electricity connections. These mini-grids will catalyse economic activities in host communities, serve healthcare facilities, and overall deliver a transformative multiplier effect. I appreciate the efforts and grit of our team in solving one of the most important problems in the world today”, said Havenhill CEO Olusegun Odunaiya.

Havenhill is currently pioneering a new structure for powering healthcare facilities through the electrification of 23 healthcare facilities under its Energizing Healthcare Initiative in partnership with USAIDs’ Power Africa Off-Grid Project (PAOP) and United States African Development Foundation (USADF).