Climate Fund Managers (CFM), in partnership with Norfund and UK-based Konexa, has announced a $36 million investment to expand renewable energy infrastructure for Nigerian Breweries’ sites in Lagos and Enugu.
The new funding agreement marks the second phase of a broader clean energy transition plan and will support the construction of a solar PV plant and grid infrastructure to supply renewable electricity to the two breweries.
It also builds on an earlier $18 million investment unveiled in March for Nigerian Breweries’ sites in Kaduna.
Half of the new $3.6 million development funding will come from CFM’s Climate Investor One (CIO), a European Union-supported blended finance facility, while Norfund and Konexa will each provide 25 percent.
This early-stage capital is expected to unlock an additional $80 million in construction financing by the second half of 2025, bringing total investments in the project to over $100 million.
“This agreement is a major step in scaling the renewable energy platform we’ve built in partnership with Konexa. It’s a clear example of how blended finance can deliver impact at scale in emerging markets like Nigeria,” said Darron Johnson, regional head of Africa at CFM.
The project will also expand Konexa’s private renewable energy trading platform to more commercial and industrial clients.
Once completed, the infrastructure is expected to offset 30,000 tonnes of CO₂ emissions annually, create 100 construction jobs, and lead to 35 permanent roles, the companies said.
Hans Essaadi, managing director and CEO of Nigerian Breweries, said the investment aligns with the company’s goal of achieving net-zero emissions by 2030.
“This partnership underscores our commitment to reducing carbon emissions, lowering operational costs, and achieving our net zero ambition by 2030, which aligns with our ‘Brew a Better World’ sustainability agenda,” he said.
Nigeria continues to face chronic electricity shortfalls, with many businesses relying on diesel and gas generators due to the lack of reliable grid power.
The federal government’s Vision 30:30:30 seeks to boost renewable energy’s share to 30 percent of total electricity generation by 2030.
Birgit Edlefsen, Norfund’s senior vice president for Renewable Energy, said the fund’s involvement is part of a long-term strategy to support innovative energy solutions in Nigeria.
“We see Konexa’s business model as an impactful solution, addressing the country’s sector challenges,” she said.
Konexa CEO Pradeep Pursnani noted that the company is now poised to replicate the model across other markets in Sub-Saharan Africa.
“With this new funding, we can take the next step in helping the commercial sector access reliable, affordable power and demonstrate how the private sector can help solve Nigeria’s power challenge,” he said.
