Konexa, Norfund, CFM Expand Nigeria Solar

May 15, 2025

Key Figures & Findings: Konexa, a UK-based energy developer focused on Sub-Saharan Africa, has signed a joint development agreement with Climate Fund Managers (CFM) and Norfund to develop a 50-MW solar photovoltaic plant serving Nigerian Breweries Plc sites in Lagos and Enugu State. The agreement involves an initial investment of $3.6 million, with CFM’s Climate Investor One providing 50%, and Norfund and Konexa each contributing 25%. This initiative is expected to unlock an additional $80 million at financial close in the second half of 2025. Pradeep Pursnani, CEO of Konexa, emphasized the role of private sector collaboration in addressing Nigeria’s persistent energy challenges.

Statistics & Insights: Konexa’s cumulative secured funding now exceeds $100 million. The new project follows an earlier $18 million investment in March 2024 that powered two Nigerian Breweries sites in Kaduna State through Konexa’s renewable trading platform.

Future Implications: If completed as projected by late 2025, the solar project could enhance clean energy supply for commercial users, drive corporate decarbonization, and strengthen Nigeria’s renewable energy infrastructure. Broader success could model scalable private sector-led interventions for industrial power needs.