The Rural Electrification Agency and partners have launched a $188 million financing initiative aimed at expanding distributed solar power capacity by 191 megawatts across Nigeria.

Barton Heyman Limited, in partnership with the Rural Electrification Agency, UK PACT, First City Monument Bank, and ARMHIIL, will raise the funds under the Green Finance Investment Facility (GFIF) to support households, communities, and businesses.

The GFIF is a blended finance platform designed to mobilise private and institutional investment into distributed renewable energy infrastructure across Nigeria, while also supporting the Distributed Access through Renewable Energy Scale-Up (DARES) programme aimed at expanding electricity access through decentralised energy solutions.

Launched in Lagos, the platform brought together financial institutions, renewable energy developers, policymakers, and development finance stakeholders to unlock financing for Nigeria’s clean energy transition and reduce the sector’s financing gap.

Managing Partner of Barton Heyman Limited, Olumide Lala, described the facility as a market-driven model intended to attract large-scale private capital into Nigeria’s energy transition, noting that it represents direct support for over one million Nigerians.

He added that the initiative uses sovereign pipelines, results-based funding, and commercial loans, with an initial $188 million pilot designed to scale toward a broader $40 billion target and 20 gigawatts of distributed renewable energy.

Senior Partner at Barton Heyman, Anthony Feyitimi, said the platform is structured to combine multiple financing sources into a single replicable facility, emphasizing that each megawatt financed supports business activity, supply chains, and community development.

Managing Director of the Rural Electrification Agency, Abba Aliyu, said the initiative addresses one of the biggest barriers in the sector—access to finance—while aiming to replace fragmented funding models with a scalable national framework.

First City Monument Bank also committed N100 billion in debt financing for the DARES programme and reported ongoing support for multiple mini-grid developers, including projects aimed at expanding electrification to millions of households.

ARMHIIL and UK partners emphasized deeper collaboration across the renewable energy ecosystem, while Lagos State climate officials highlighted the need for coordinated investment and policy support.

Stakeholders at the launch said the GFIF could accelerate deployment of clean energy solutions, improve energy access nationwide, and strengthen Nigeria’s long-term sustainable power infrastructure.