Nigeria Secures $83 Million IFC-Backed Funding to Scale Off-Grid Renewable Energy Under DARES Program

Nigeria scales up its renewable energy sector with $83m in IFC-backed financing for solar mini-grids under the World Bank's DARES program.

By: AXL Media

Published: Apr 18, 2026, 4:00 AM EDT

Source: Information for this report was sourced from LEADERSHIP News.

Strategic Financing for Renewable Energy Expansion

Nigeria is accelerating its transition toward sustainable energy with a major capital injection into its off-grid sector. Under the Distributed Access through Renewable Energy Scale-Up (DARES) programme, Nigerian power developers have secured roughly $83 million in financing backed by the International Finance Corporation (IFC). The agreements, signed on the sidelines of the 2026 World Bank Group and IMF Spring Meetings, represent a significant shift from localized pilot interventions to the large-scale deployment of distributed energy infrastructure across the country.

Key Beneficiaries and Implementation Phases

The financing is structured to support multiple tiers of renewable energy companies specializing in mini-grids and solar home systems. According to official reports, the first phase of financing involves Darway Coast, PriVida Power, Prado Power, GVE Projects, and StarTimes Smart Energy. A second group of companies, including Ashipa Energy, Eauxwell Nigeria, Ignite Power, Maskh Nigeria, Nayo Tropical Resources, and Paras Energy, has already been onboarded into the next phase of the financing pipeline.

The DARES Program Framework

This transaction is a core component of Nigeria’s DARES programme, a comprehensive $750 million initiative supported by the World Bank and implemented by the Rural Electrification Agency (REA). The program is designed to bridge the electricity gap in communities with limited or no grid access by leveraging privately delivered renewable systems. By providing a revolving debt facility with longer tenors, the IFC aims to address the long-standing constraint of affordable capital that has previously hindered the sector’s growth.