April 10 (Renewables Now) - UK-based project developer PAS Solar Limited has been arranged a USD-10-million (EUR 8.8m) syndicated senior debt facility to expand its efforts in Nigeria as it looks to provide clean electricity to more than 150,000 local households in the next five years.
The five-year tenor syndicated loan has been designed by the Renewable Energy Performance Platform (REPP), which put up USD 2.2 million including early-stage funding assistance. The European Commission's Electrification Financing Initiative (ElectriFI) provided USD 3 million, while the remaining USD 4.8 million is available to lenders as an accordion facility, REPP said last week.
PAS Solar has set up more than 3,500 solar home systems for households and microenterprises in Nigeria’s isolated communities. This allowed an estimated 17,500 residents to receive clean electricity supply for the first time. The developer aims to increase the number of installed systems to at least 35,000 in the next five-year period to cover the needs of more underserved citizens.
(USD 1.0 = EUR 0.89)