Green Bonds for Sustainable Rural Electrification

526.1 Kw total capacity of isolated solar mini-grids in six communities within Rivers State and Abia State in Southern Nigeria.

Darkway Coast, Nigeria

Green Bonds for Sustainable Rural Electrification

Darway Coast is a renewable energy company with expertise in the provision of hybrid solar mini-grid and micro-grid solutions for residential, commercial, and industrial customers in off-grid and underserved areas within Nigeria. Incorporated in 2015, the Company has deployed four mini grids serving four communities in Imo State (3.3kW), Lagos State (50kW), and Rivers State (38kW) under ten-year PPAs. Using a “Pay-As-You-Go” business model and smart meters, Darway Coast can manage these customers using a remote monitoring system that helps regulate demand, detect, and resolve issues swiftly as well as implement remote disconnections and reconnection.

Financial Close. Sep 2022

Under Construction

800M Private Capital Mobilised

Green Certified

526KW Capacity

7,711 Number of Connections

497 Job to be Created

4586 Tonnes of GHG Emission

Geographical Location

Location PV Size (kW) Battery Size (kWh) Mini Grid Type Number Of Connections
Lokpaukwu 1, Abia State 99.5 323 Isolated 1,597
Lokpaukwu 2, Abia State 99.5 323 Isolated 1,561
Akpoku Community, River State 57 218 Isolated 800
Orwu Community, River State 71 218 Isolated 1,404
Umuoye Community, River State 99.5 218 Isolated 1,165
Eleuwa Community, River State 99.5 328 Isolated 1,184
526.1 1,623 7,711

The project was financed through a blended instrument, with the UK funded Climate Finance Blending Facility enabling a 7 year fixed rate local currency debt financing for the project by investing in the subordinated debt tranche, making it the first ever certified blended local currency green debt issue for a solar minigrid project in Nigeria.

The Facility’s subordinated first loss capital helped de-risk and reduce the capital cost of the project by unlocking InfraCredit’s AAA rated guaranteed senior green bonds that crowded in first-time matching investments from 6 domestic institutional investors in a solar mini-grid project for unserved markets.

The project was financed through a blended instrument, with the UK funded Climate Finance Blending Facility enabling a 7 year fixed rate local currency debt financing for the project by investing in the subordinated debt tranche, making it the first ever certified blended local currency green debt issue for a solar minigrid project in Nigeria.

The Facility’s subordinated first loss capital helped de-risk and reduce the capital cost of the project by unlocking InfraCredit’s AAA rated guaranteed senior green bonds that crowded in first-time matching investments from 6 domestic institutional investors in a solar mini-grid project for unserved markets.

Technical Support Assistance

funded the green certification costs for the project through its technical assistance facility for climate aligned infrastructure bonds established with InfraCredit.

KfW Development Bank supported the technical, legal and ESG due diligence costs for the project under a technical assistance facility with InfraCredit.

Rating Agency

Green Verifier

Project Videos

Clean Energy Funding Programme

We pioneered the first-ever credit enhanced, green certified blended local currency debt issue for a solar powered rural mini-grid project in Nigeria, through the Climate Finance Blending Facility, creating demonstration effect and potential for scaling.

Energy, Power