REPORT:All On, GEAPP commit $15m to DART initiative

May 29, 2024

All On, GEAPP commit $15m to DART initiative

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All On and the Global Energy Alliance for People and Planet pledged an additional $15m to expand the Demand Aggregation for Renewable Technology programme during COP28 on Tuesday.

The announcement was made during Energy Day on the back of a World Bank event on Distributed Renewable Energy focused on accelerating universal access to energy in Africa.

The DART programme, which began in Nigeria in 2021, is a global aggregated procurement financing initiative for renewable energy companies to decrease the cost of deploying these technologies in communities most in need.

To date, savings of up to 30 per cent for solar equipment have been achieved through the programme, spurring standardisation of the market and accelerating the sector.

With this additional funding from GEAPP, the DART programme’s total fund size will increase to $25m.

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The Chief Executive Officer of All On, Caroline Eboumbou, expressed excitement about the news, saying, “We are especially excited that this funding will not only unlock economies of scale for renewable energy developers in Nigeria but will also accelerate the transition to renewable energy access for all and play a pivotal role in unlocking local currency financing for the sector. This investment demonstrates the confidence in the DART programme’s success since its inception in 2021.”

The facility is seeded by investments of $20m and $5m from GEAPP and All On, respectively. Its primary objective is to bolster financing opportunities and stimulate economies of scale for small and medium-sized developers operating in the renewable energy sector.

GEAPP’s Interim Managing Director and Vice President for Africa, Joseph Ng’ang’a, said, “Our continued collaboration with All On and Odyssey Energy Solutions is focused on delivering real results for Nigeria’s renewable energy sector: empowering entrepreneurs, creating jobs, and driving economic growth while addressing the critical gap between energy demand, supply, and transmission.

“This partnership lies at the heart of GEAPP’s mission – to ignite a green energy revolution that transforms the lives and livelihoods of people and their communities across Nigeria and around the world.”

OpeOluwani Akintayo

Opeoluwani is senior correspondent with over 13 years of experience in business journalism. She currently covers the energy sector for The PUNCH.’s Metro Desk.